Walmart will buy roughly 70% of Flipkart. Photo: Mint
Tokyo: Softbank chief executive officer Masayoshi Son has confirmed a deal to sell the company’s stake in Flipkart to Walmart Inc., reports Associated Press.
Walmart is expected to make the deal public on Wednesday with Walmart chief executive Doug McMillon in India for the announcement, Mint reported, citing three people aware of the latest discussions.
Walmart will buy roughly 70% of Flipkart, the people said, requesting anonymity. The world’s largest retailer will invest $2 billion in fresh capital into the online retailer at a valuation of $21 billion and buy the rest of the stake from existing Flipkart investors at a valuation of $17-18 billion, they said.