Flipkart clears $15B stake sale to Walmart
Flipkart clears $15B stake sale to Walmart. Seeing regulatory risk in a deal with Amazon, India's Flipkart has approved a 75% equity stake sale in the company to a group led by Walmart, Bloomberg reports. Closing of the approximately $15B deal is expected within 10 days. SoftBank will sell its 20%+ stake as part of the transaction, while Alphabet is likely to participate in the investment.
That would seal a Walmart triumph over Amazon.com., which has been trying to take control of Flipkart with a competing offer. If completed, the deal will give Walmart a leading position in the growing market of 1.3B people and a chance to rebuild its reputation online. Read more here.