Flipkart approved $15 billion deal with Walmart

Tinuku - Flipkart Online Services Pvt. Ltd. has approved a 75% stake sale deal worth US$15 billion with Walmart Inc. SoftBank Group Corp sold all of its shares in Flipkart under the deal through an investment fund valued at about US$20 billion. Flipkart's board said Alphabet Inc. will participate in a Walmart-led consortium.

The Flipkart Board has approved an agreement to sell about 75% of the company to the Walmart-led group for approximately US$15 billion. Under the proposed agreement, SoftBank will sell all of the shares that are held or more than 20% of the shares of Flipkart on valuations of approximately US$20 billion.

Tinuku Flipkart approved $15 billion deal with Walmart

Google-parent Alphabet Inc. is likely to participate in an investment with Walmart that will close within 10 days, although the terms may still change and the deal is uncertain. This deal will be the key to Walmart's trade on Amazon.com Inc. that has tried to control Flipkart with a competitive bid.

The world's largest retailer has struggled against the Amazon. India is the next big potential prize after the US and China where foreign retailers have made little progress against Alibaba Group Holding Ltd. Until now Flipkart, SoftBank, Walmart, and Google did not immediately respond to requests for authorized comments.