×
84 552
Fashion Jobs
L'OREAL GROUP
Ecommerce Director
Permanent · Saint Petersburg
COTY
Director, Finance - cb Sales
Permanent · New York
OLD NAVY
Site Merchandising Manager - Old Navy Online
Permanent · San Francisco
NIKE
Senior Manager - Finance Engineering & Automation
Permanent · Beaverton
JCPENNEY
Email Marketing Senior Manager
Permanent · Plano
LEVI'S
Global Raw Material Planner
Permanent · San Francisco
NORDSTROM
Asset Protection - Agent - Tacoma Mall
Permanent · Tacoma
SHISEIDO
Sales & Training Executive, San Francisco - Nars
Permanent · San Francisco
ROSS STORES
Store Protection Specialist
Permanent · Grand Prairie
PUMA
av Specialist, IT Service Desk
Permanent · Somerville
PUMA
Key Account Manager, Sporting Goods
Permanent · Somerville
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time: Outlets at Orange
Permanent · Orange
TAPESTRY
Senior Manager, Human Resources (People Partner)
Permanent · New York
TAPESTRY
Analyst, Trade Compliance
Permanent · Jacksonville
ESTÉE LAUDER
Clinique Consultant - 37.5 Hrs - Macys - South Portland, me
Permanent · South Portland
ESTÉE LAUDER
Associate Consultant - Clinique - Part Time - Macys Tysons Corner - Mclean, va
Permanent · McLean
ESTÉE LAUDER
Business Manager - Clinique - Full Time - Dillards - Temple, tx
Permanent · Temple
ABERCROMBIE AND FITCH CO.
IT Service Desk Specialist
Permanent · Columbus
ATHLETA
Senior Analyst, Divisional & Control Finance, Athleta
Permanent · San Francisco
GAP
Asset Protection Service Representative - Jersey Gardens
Permanent · Elizabeth
OLD NAVY
Assistant General Manager ne - Shop @ Perry Crossng
Permanent · Plainfield
OLD NAVY
General Manager - Freehold
Permanent · Freehold Township
By
Reuters
Published
Apr 23, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Walmart could buy controlling stake in Flipkart as early as next week

By
Reuters
Published
Apr 23, 2018

​Walmart Inc could seal a deal to buy a more than 51 percent stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday.



The U.S. retail giant has been in talks with Flipkart for months to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade.

SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, Reuters had previously reported.

But that stalemate between SoftBank and Walmart has ended, one of the sources told Reuters on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some of its shares in Flipkart.

Walmart’s purchase of new equity is likely to value Flipkart at at least $18 billion.

Reuters reported this month that Walmart completed its due diligence on Flipkart and had made a proposal to buy 51 percent or more of the Indian company for between $10 billion to $12 billion.

A third source said a deal was close, but things could still drag into the first week of May.

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 take a full exit as Walmart purchases their shares, sources have previously told Reuters.

Sachin Bansal and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India’s tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said.

All sources declined to be named as the talks are not public.

Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined comment.

SoftBank and Tiger Global own little more than 20 percent each of Flipkart, Naspers holds nearly 13 percent stake, Accel 6.4 percent, while the Bansals own just over 5 percent each of the company, according to data from business intelligence platform paper.vc.

 

 

© Thomson Reuters 2022 All rights reserved.