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.



Source link

Products You May Like

Articles You May Like

Depression-era program could help American farmers, says ex-USDA head
Start paying off your student loans as soon as possible, even before graduation
The Fed said it’s hiking rates four times in 2018, market not convinced
Amazon home insurance could be on the horizon, but experts are skeptical of benefit to consumers
Foxconn announces North American headquarters in Wisconsin

Leave a Reply

Your email address will not be published. Required fields are marked *