India’s Flipkart approves majority stake sale for $15B to Walmart-led group, report

FAN Editor

It looks as if Walmart has reportedly emerged the winner in what was becoming a bidding war with Amazon for India’s online retailer Flipkart.

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Flipkart’s board has approved a deal to sell an equity stake of about 75 percent for $15 billion to a group led by Walmart, according to Bloomberg.

Google’s parent company, Alphabet was likely to participate in the investment with Walmart.

The report warns that a final close to the deal could take 10 days and that the terms of the deal could still change and that a deal isn’t certain.

Earlier this week, an India TV station was reporting that Amazon had also offered a $2 billion breakup fee and is likely to be on par with Walmart’s bid for the company.

In April, Reuters reported that Walmart was likely to reach a deal to buy a majority stake in Flipkart by the end of June.

For Walmart, a company that already operates more than 20 stores in the country, the deal would finally push them from being confined to a “cash-and-carry” wholesale business to a dominate force online.

No comment yet from the companies involved.

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