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Flipkart approves $15 billion stake sale to Walmart-led group - Bloomberg

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Reuters MUMBAI
Last Updated : May 04 2018 | 1:55 PM IST

MUMBAI (Reuters) - Indian e-commerce firm Flipkart's board has approved a deal to sell an equity stake of about 75 percent in the company to a group led by Walmart Inc for about $15 billion, Bloomberg reported on Friday, citing unnamed sources.

SoftBank will sell its 20-plus percent stake as part of the deal, Bloomberg said, adding Google's parent Alphabet Inc was likely to participate in the investment with Walmart.

A final close of the deal is expected within 10 days, although deal terms could still change and a deal isn't certain, Bloomberg reported.

Flipkart and Alphabet did not immediately respond to requests for comment. Walmart and SoftBank declined to comment.

Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc has made a formal offer to buy 60 percent of Flipkart. Amazon, which is Flipkart's biggest rival in India, declined to comment on that report.

(Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman)

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: May 04 2018 | 1:50 PM IST

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