Walmart and some Flipkart investors, including Japan’s SoftBank are yet to agree on the final details and a deal could take at least a month to be signed, the people cited above said on condition of anonymity, reports LiveMint.
It appears that SoftBank was pushing the other investors to wait for a rival offer for Flipkart from Amazon, which, according to CNBC-TV18, it has now received. Amazon offered to buy a 60% stake in Flipkart with a USD 2 billion breakup fee and a non-compete agreement with Flipkarts founders.
LiveMint, on the other hand, citing anonymous sources, reports that SoftBank, pressured by other investors, including Tiger Global Management, Naspers and Accel Partners, has agreed to sell to Walmart.
Under the current offer, Walmart will buy at least 55% of Flipkart in a deal that will value the company at USD 20-21 billion, the people said. Walmart will get a majority of its stake by purchasing shares from existing Flipkart investors at a discount to the USD 20-21 billion tag, they said.
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