US retail giant Walmart’s whopping $12 bn acquisition of Flipkart is in the final stages – Announcement soon?
US retail giant Walmart’s USD 12 billion acquisition of India’s biggest e-commerce firm Flipkart is in the final stages and a deal is likely to be announced in the next few days, according to sources. The contours of the deal, which is expected to see Walmart taking nearly 72-73 per cent stake, are being finalised following which approval from the both the boards will be taken, sources privy to the development said. They declined to be identified as the matters are still under discussion and are confidential. Separately, Bloomberg reported that board of Flipkart Online Services has approved an agreement to sell about 75 per cent of the company to a Walmart-led group for about USD 15 billion. Walmart is likely to buy stakes of multiple Flipkart investors, including that of Tiger Global Management and Softbank to end up with a significant majority holding, sources said. Tiger Global and Masayoshi Son-led Softbank hold about 20 per cent stake each in the Singapore holding...