Walmart finally seals the deal with Flipkart

Walmart finally seals the deal with Flipkart / Flipkart

Walmart has at last acquired Flipkart in a deal which is being valued around $18bn-20bn.

According to Reuters, this is Walmart's biggest ever acquisition deal. The news of the deal was confirmed by Masayoshi Son, chief executive officer (CEO) of SoftBank according to NDTV.

Japan’s SoftBank is the largest investor in Flipkart with around a 25% stake.

The news comes after Google's parent company Alphabet was reported to join forces with Walmart in India to aid Walmart's efforts to buy a majority stake in Flipkart for around $12bn.

Earlier, Amazon too initiated a formal bid to acquire a 60% stake in the Indian e-commerce platform according to a reportby CNBC TV18 which cited sources close to the deal.

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