India's Flipkart approves US$15 billion stake sale to Walmart-led group: Bloomberg

India's Flipkart approves US$15 billion stake sale to Walmart-led group: Bloomberg

FILE PHOTO: A Common myna sits next to the logo of India's e-commerce firm Flipkart installed on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo
MUMBAI: Indian e-commerce firm Flipkart's board has approved a deal to sell an equity stake of about 75 percent in the company to a group led by Walmart Inc for about US$15 billion, Bloomberg reported on Friday, citing unnamed sources.SoftBank will sell its 20-plus percent stake as part of the deal, Bloomberg said, adding Google's parent Alphabet Inc was likely to participate in the investment with Walmart.
A final close of the deal is expected within 10 days, although deal terms could still change and a deal isn't certain, Bloomberg reported.Flipkart and Alphabet did not immediately respond to requests for comment. Walmart and SoftBank declined to comment.Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc has made a formal offer to buy 60 percent of Flipkart. Amazon, which is Flipkart's biggest rival in India, declined to comment on that report.(Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman)
Source: Reuters
 Source : http://www.channelnewsasia.com/news/business/india-s-flipkart-approves-us-15-billion-stake-sale-to-walmart-led-group--bloomberg-10202798