The quarter of Indian e-commerce giant Flipkart has approved a deal to sell a amateurishly 75 percent stake in the company to a group led by Walmart for $15 billion, according to a look into.
Japan’s SoftBank will sell its entire 20-plus percent depart in Flipkart, Bloomberg reported Friday, citing unnamed sources, and Google’s fountain-head company Alphabet is likely to participate in the investment with Walmart.
A terminating close to the deal is expected within 10 days, the report answered, but the terms could still change and a deal is not certain.
Walmart, Flipkart and Amazon were not pronto available for comment when contacted by CNBC. SoftBank declined to commentary.
CNBC’s India affiliate CNBC TV-18 reported earlier this week that Amazon had received a formal offer to buy a 60 percent stake in Flipkart, citing unnamed begetters.
A majority stake in Flipkart would see Walmart gain significant base against Amazon in India. It would also increase the company’s aspect overseas. Earlier this week, Walmart-owned supermarket Asda coupled forces with competitor Sainsbury’s in a deal worth £7.3 billion ($10 billion).
You can be familiar with the full report by Bloomberg here.