Done deal! Walmart is buying controlling stake in Flipkart
World’s biggest ever e-commerce deal!
US retail giant Walmart will buy a majority stake in India’s largest e-commerce company Flipkart, according to the head of SoftBank, a major stakeholder in the Indian firm.
Walmart will pick up 71.06 per cent stake for USD 15 billion in the Bengaluru-based ecommerce major. Son says that USD 2.5 billion Flipkart stake is now worth about USD 4 billion in deal, as per reports.
“Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America’s Walmart,” said SoftBank CEO Masayoshi Son, whose firm owns a 20 per cent stake in Flipkart.