Indian unicorn Flipkart's board approves $15 billion deal with Walmart

Amazon looking to outbid Walmart in Flipkart deal

Walmart Inc.is seeking to acquire Flipkart with a 73% stake in the company, according to a report from FactorDaily.

Last year, there were rumours and speculations that Flipkart would buy Snapdeal, but the deal officially ended around mid-2017.

According to a Bloomberg report, SoftBank is going to sell over 20 per cent stake in Flipkart at a valuation of $20 billion.

It is unlikely that Flipkart will agree to sign over such an extensive part of its shares to either party: only last month, Flipkart shareholder Softbank resisted Walmart's bid for just 30% of the Indian company.

World's largest retailer Walmart has finally made a decision to acquire Flipkart.

Flipkart is reported to have bought back shares worth $350 million from investors in its Singapore-based parent to regain its private company status ahead of its sale to USA retail giant Walmart Inc.

The proposed deal may take 10 days to complete and the financial details may get updated by the end, the report added.

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India is a critical market for both Walmart and Amazon and a deal with Flipkart would help either player in consolidating their position in the booming e-commerce market here.

After being at the helm of the company he co-founded for over a decade, Flipkart's Executive Chairman Sachin Bansal may hang up his boots if the acquisition of India's largest e-commerce firm by the US-based retail behemoth Walmart comes to fruition. Flipkart's other co-founder Binny Bansal, who isn't related to Sachin Bansal, could remain on in some capacity as Walmart is said to be keen on retaining only one of them. Amazon is out of the running unless Walmart hits unforeseen trouble.

Amazon´s offer could kickstart a new battle between it and Walmart, already fierce retail rivals in the United States.

Alphabet Inc., Google's parent company may also be looking to invest in Flipkart. A spokesman for Walmart declined to comment. Founder Jeff Bezos has committed $5.5 billion to the country and his local chief, Amit Agarwal, has made progress by adapting the site to local conditions.

The talks with Walmart for what could be its largest acquisition to date are still ongoing, and a deal is expected to be clinched soon, two people told Reuters on Wednesday.

However, investors such as Tencent, Microsoft and Tiger Global are not likely to exit completely.

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