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Walmart in deal to acquire Flipkart with 51% stake for $12 billion

Walmart Inc. in a deal to acquire Flipkart Pvt. Ltd. in taking over majority shares. The Bentonville retail giant is rumored to be acquiring a 51 percent stake for US$12 billion in the Bengaluru e-commerce giant that will be completed by the end of June as the largest acquisition in India's online retail history.

The deal will boost the Walmart and Amazon India battles for a larger South Asian e-commerce market. Amazon is also rumored to be exploring the possibility of a counter-offer for Flipkart. Walmart and Flipkart have so far not commented on the latest news.

Tinuku Walmart in deal to acquire Flipkart with 51% stake for $12 billion

Walmart will buy new and existing Flipkart shares at the company for at least US$18 billion. Tiger Global, Accel and Naspers are likely to sell all of their shares in Flipkart, while SoftBank's Vision Fund, which has about a fifth of the shares, is unlikely to sell because of the low price offered.

Flipkart also counts eBay, Tencent Holdings and Microsoft Corp among their investors. Walmart has for years tried to enter India but remains limited and currently operates 21 stores in India. Walmart's investment will provide Flipkart additional funding to fight Amazon and its tough allies with vast experience in retail, logistics, and supply chain management.

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