Published: Fri, May 04, 2018
Money | By Michele Stevens

Flipkart co-founder, chairman Sachin Bansal likely to quit after Walmart takeover

Flipkart co-founder, chairman Sachin Bansal likely to quit after Walmart takeover

The approval of the deal with Walmart also means that Amazon's offer to buy a majority stake in Flipkart wasn't accepted by the board.

The company is in final stages of talks with Walmart for an acquisition, even as reports of Amazon preparing a counter offer is doing the rounds.

The TOI report citing sources said Walmart is keen on retaining only one of the two founders.

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According to a Bloomberg report, SoftBank is going to sell over 20 per cent stake in Flipkart at a valuation of $20 billion. And as per earlier reports, the Japanese internet and investment conglomerate will get an exit of $4 billion for its $2.5 billion investment in Flipkart eight months ago.

Finally, after a long discussion over the deal, Flipkart board has approved an agreement to sell 75 per cent equity to Walmart for $15 billion. Google's parent company Alphabet Inc.is said to be participating in the deal with a $3 billion investment.

USA retail giant Walmart Inc (WMT.N) is in advanced talks with Flipkart to acquire a controlling stake of more than 51 percent in the Bengaluru-based e-commerce firm at a valuation of at least $18 billion, sources previously told Reuters. A person familiar with the matter told Reuters that the probability of a Flipkart-Amazon deal was low, and that such a deal may spark competition fears as Flipkart and Amazon dominate India's e-commerce market.

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American news sources reported on Wednesday that the online retail giant has made a formal offer to buy 60% of Flipkart, twice the amount of shares that Walmart was hoping to acquire for its 10 to 12 billion dollar (8.4 to 10 billion euros) budget.

Much is left to speculation, however: Amazon, Walmart and Flipkart all refuse to comment in any official capacity on what could well become one of the most important e-commerce deals of the year. Walmart and SoftBank declined to comment.

Next comes the Accel Partners, which has already clocked $113.5 Mn through partial exits from Flipkart. The companies are each other's rivals in the United States as well. Founder Jeff Bezos has committed $5.5 billion to the country and his local chief, Amit Agarwal, has made progress by adapting the site to local conditions.

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As part of the Walmart deal, Flipkart's existing shareholders Tencent Holdings Ltd., South Africa's Naspers Ltd. and Microsoft Corp. are expected to retain small stakes, the people said.

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