Tuesday, 11 December, 2018

Indian unicorn Flipkart's board approves $15 billion deal with Walmart

Exclusive: Amazon offers to buy 60 percent in Flipkart - cnbctv18.com Amazon wants to buy Indian e-commerce company Flipkart
Cristina Norman | 04 May, 2018, 14:17

In August, most of Flipkart's minority shareholders sold a portion of their stakes to SoftBank, which pumped in roughly $2.5 billion in Flipkart to buy primary and secondary shares in the online retailer. The deal offered by the Jeff Bezos-run company proposed to merge Flipkart entirely with its Indian arm and sought a non-compete agreement with Flipkart's founders for 1-2 years. Alphabet is investing $3 billion in the deal, though the exact details of its involvement were not clear.

A final close of the deal is expected within 10 days, although deal terms could still change and a deal is not certain, Bloomberg reported.

World's largest retailer Walmart has finally made a decision to acquire Flipkart.

Once the acquisition process is complete, Flipkart's Executive Chairman Sachin Bansal may hang up his boots after taking company to new heights in the past 10 years, reports suggest. Flipkart, Walmart and Google didn't immediately respond to requests for comment.

The partnership of Flipkart co-founders Sachin Bansal and Binny Bansal is the stuff of modern Indian business legend.

In a resolution Flipkart filed with the Singapore authorities, the company said it would look to acquire its own shares from investors at $131.4 per share.

The Walmart-Flipkart negotiations have been reported by Mint and other publications for several months now.

Amazon's bid is likely to be at par with Walmart Inc's bid for the Indian e-commerce company. Sources said Amazon's deal included a $2-billion breakaway fee in case the deal did not go through because investors and Flipkart cofounders are anxious that the deal will run into regulatory hurdles.

Some of Flipkart's main investors - U.S. hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to retain small stakes, the report said. The interest of Amazon and Walmart in India could also be because the retailers have struggled to find footing in China, largely because of the presence of local e-commerce players like Alibaba.

Some of the individual investors who have sold their shareholdings in Flipkart completely in the latest buyback include Accel's Shekhar Kirani and SoftBank's Deep Nishar. Walmart is going big on farm to home.

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