SoftBank confirms Walmart-Flipkart deal

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.