Breaking Walmart wants to buy Flipkart, but SoftBank opposed to a sale

Mr monk

6 Nov 2017
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New Delhi/Bengaluru: American retailer Walmart Inc. may end up taking a large stake in Flipkart Ltd at a price that could value India’s largest e-commerce firm between $20 billion and $23 billion, said three people close to the development. If it goes through, the deal will pit Walmart against Amazon in India, mirroring the fight between the two companies in the US.
Walmart has expressed an interest in buying Flipkart but a buyout is unlikely to go through as a key Flipkart investor SoftBank Group Corp. is opposed to a sale, the three people added on condition of anonymity. “SoftBank is not willing to cash out this early as they see themselves as a long-term investor in Flipkart,” said one of the three people mentioned above.
The talks are in the early stages and the companies haven’t finalized the final details, the people said. Walmart is expected to invest fresh capital in Flipkart as well as buy shares from existing investors including Accel Partners and Naspers, they added.
Any deal is likely to make Walmart the largest shareholder in Flipkart, they said.
The retailer is not the only suitor pursuing Flipkart. Google has also offered to invest in the e-commerce firm at a valuation of $15-$16 billion, said a fourth person close to the development, who also declined to be named. Flipkart is also talking to other investors, this person said, without naming the investors.

Walmart wants to buy Flipkart, but SoftBank opposed to a sale
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