India's Flipkart yet to finalize stake sale deal with Walmart: sources
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 is yet to finalize a deal to sell a stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, with one of them saying a deal could just be days away.Bloomberg, earlier on Friday, citing unnamed sources said Flipkart's board had approved a deal to sell a stake of about 75 percent in the company to a group led by U.S. retail giant Walmart for about US$15 billion.
Walmart is in advanced talks with Flipkart to acquire a controlling stake of more than 51 percent in the Bengaluru-based online marketplace at a valuation of at least US$18 billion, Reuters has previously reported.A third source told Reuters that while Flipkart's board has "in-principle" approved engaging with Walmart based on the terms of an offer before them, taxation related concerns and a few other issues need to be resolved.Sources have said that Amazon.com Inc is also interested in buying Flipkart, India's top homegrown e-commerce firm, but a deal with Walmart is much more likely to go through. Amazon is Flipkart's biggest rival in India.(Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman)
Source : http://www.channelnewsasia.com/news/business/india-s-flipkart-yet-to-finalize-stake-sale-deal-with-walmart--sources-10203462