Wednesday, 9 May 2018

SoftBank CEO Confirms Walmart to Buy Control of India's Flipkart.

Photographer: Dhiraj Singh/Bloomberg
Walmart Inc. has agreed to buy control of Flipkart Online Services Pvt, according to SoftBank Group Corp. Chief Executive Officer Masayoshi Son, a major shareholder in the Indian e-commerce company.

The Japanese company, through its Vision Fund, invested $2.5 billion in Flipkart and that stake will be worth about $4 billion in the deal, Son told a briefing on Wednesday. He didn’t elaborate on other terms of the Walmart takeover. The deal values Flipkart at about $20 billion, people familiar with the matter have said previously.

An announcement is expected later on Wednesday.

Full story at Bloomberg.
By Saritha Rai and Mathew Boyle.

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