Flipkart agreed to sell 75% stake to WAL-MART for 15 billion dollars.

2018-07-02

Flipkart agreed to sell 75% stake to WAL-MART for 15 billion dollars.

Sina Technology News Beijing time in the evening of May 4th news, Bloomberg today quoted the news that the India’s largest e-commerce Flipkart will sell about 75% of the company’s stake for about $15 billion to sell to WAL-MART as the representative of the buyer alliance.

As part of the deal, Softbank will sell 20% of its Flipkart holdings at a valuation of $20 billion. In addition, Google’s parent company Alphabet may join the WAL-MART alliance to participate in the investment.

The Flipkart board has approved the deal, which is expected to be completed in the next 10 days, the report said.

It is reported that WAL-MART’s negotiations with Flipkart have been going on for several months. India television channel CNBC-TV18, citing sources of information on Tuesday, said Amazon was also offering a bid to buy a stake in India’s largest e-commerce Flipkart 60%, but Flipkart investors and co founders are more inclined to deal with WAL-MART.

Analysts said the deal highlighted the fierce confrontation between the two giants of WAL-MART and Amazon in the India electricity market. Morgan Stanley expects the electricity market in India will reach US $200 billion in the next ten years. (Li Ming)

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