SoftBank confirms Walmart-Flipkart deal

Wednesday 9 May 2018 13:33 CET | News

Reuters: Walmart has announced the acquisition of Indian ecommerce player Flipkart, the chief executive of one of Flipkart’s biggest shareholders, SoftBank said. 

Walmart would invest USD 10 billion to USD 12 billion in Flipkart for a controlling stake of more than 51% at a valuation of about USD 20 billion in what is the US retailer’s biggest acquisition of a business, Reuters has reported earlier.

“Last night, Japan time, it (Flipkart) reached final agreement that Walmart is purchasing Flipkart,” Masayoshi Son said on a SoftBank earnings conference call, ahead of an expected announcement by Walmart-Flipkart later on Wednesday.

Prior to Son confirming the deal, there was speculation that Amazon has also made a bid to acquire the Indian ecommerce player. The stakes are high and both US companies fought for a dominant share of India’s ecommerce market, which would potentially be worth an annual USD 200 billion in a decade.

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Keywords: SoftBank, Walmart-Flipkart deal, ecommerce, India ecommerce
Countries: World