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SoftBank to sell entire Flipkart stake to Walmart

Homegrown e-commerce firm Flipkart has about a third of India’s market. (Reuters)

Updated 23 May 2018

Reuters

May 23, 2018 02:39

SoftBank to sell entire Flipkart stake to Walmart

Updated 23 May 2018

Reuters

May 23, 2018 02:39

TOKYO: SoftBank Group Corp. said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart Inc.
Walmart said earlier this month it will pay $16 billion for a roughly 77 percent stake in Flipkart, the US retailer’s largest-ever deal.
A SoftBank spokesman declined to give further details.
SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion.