US-based Walmart is purchasing Flipkart says reports.The Walmart-Flipkart deal was sealed on Tuesday night. Mr. Masayoshi Son , CEO of Japan-based SoftBank said that the investment of SoftBank in the Indian online marketplace had almost doubled.
Sources have previously told the agency that SoftBank would completely sell its 20 per cent stake in Flipkart to Walmart. The deal, likely to value Flipkart roughly at $18-20 billion, is likely to be the US retail giant’s biggest acquisition, news agency Reuters had reported earlier.
Google parent Alphabet Inc is likely to partner Walmart in the deal. Walmart is likely to own a roughly 60 per cent stake, while Alphabet will get about 15 per cent ownership of Flipkart, the report said, citing sources.