May 4, 2018 / 8:20 AM / 2 months ago

India's Flipkart approves $15 bln stake sale to Walmart-led group - Bloomberg

MUMBAI, May 4 (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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below