SoftBank is selling its entire Flipkart stake to Walmart

Business


Hemant Mishra | Mint | Getty Images

Outside view of Flipkart office shot on October 01, 2015 in Bengaluru, India.

SoftBank Group said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart.

Walmart said earlier this month it will pay $16 billion for a roughly 77 percent stake in Flipkart, the U.S. 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.



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