Markets

Walmart to acquire India's Flipkart by end of June

Walmart to acquire India's Flipkart by end of June

The company made an offer to purchase at least 51% of Flipkart shares for between $10 and $12 billion. Local media have reported, however, that Amazon is exploring a possible counteroffer for Flipkart, according to Reuters. Such a deal would heat up competition between Walmart and Amazon overseas as they fight over India's still-young ecommerce market, which could be worth $200 billion in 10 years, Morgan Stanley estimates.

The US retail giant will buy both existing as well as new Flipkart shares with numerous early investors in the company such as Tiger Global, Accel and Naspers likely selling their entire stakes.

The deal, which is likely to be carried out in tranches, will include purchase of primary and secondary shares, the sources said.

Walmart has been trying for some time to break ground in India, and this deal with Flipkart could be exactly what the company needs to get its foot in the door while giving Flipkart what it needs to properly compete with Amazon.

The deal is expected to value the Indian e-commerce firm at about $20 billion. The Bengaluru-based firm had also raised funds from eBay, Tencent Holdings and Microsoft Corp a year ago.

Flipkart did not respond to a request for comment, a representative for Walmart in India declined comment while SoftBank said it doesn't comment on speculation.




Reuters has previously reported that early investors such as Tiger Global, Accel and Naspers will likely sell their entire stakes in Flipkart to Walmart if a deal is reached.

The deal, if it goes through, would unlock the booming Indian e-commerce market for the world's largest offline retailer.

In comparison, Amazon is very close to Flipkart, which controls about 40 percent of India's online retail market, according to estimates by researcher Forrester. For Flipkart, it would provide more arsenal to go up against rival, Amazon in the Indian market.

Last year, SoftBank Vision Fund had pumped in an estimated $2.5 billion in Flipkart.

Former Amazon employees Sachin Bansal and Binny Bansal founded Flipkart in 2007 in India's tech hub of Bengaluru.


  • Micron Technology (MU) Expected to Announce Quarterly Sales of $7.43 Billion

    5,700 are held by Cullinan Assocs. ( MU) stock price rose 4.18% with the closing value of $52.59 during Thursday trading session. Profund Advisors Llc decreased Celgene Corp (NASDAQ:CELG) stake by 34,199 shares to 341,995 valued at $35.69 million in 2017Q4.
    Clubs vote against use of VAR in the 2018/19 season

    Clubs vote against use of VAR in the 2018/19 season

    BC-SOC-Premier League-Video Review, 103Video replays won't be used in Premier League next seasonEds: APNewsNow. The new technology, which is already being used in English cup matches, has been an obvious positive.
    NASA sends human sperm into space - here's why

    NASA sends human sperm into space - here's why

    So how do you spot a planet around such a small, faint star, from so far away? Again, this tends to only find the largest planets. NASA and others stress that Tess isn't going to seek for atmospheric or totally different indicators of life; it may't do that.
  • Laine makes first goal count: Jets sniper ties game in third period

    Laine makes first goal count: Jets sniper ties game in third period

    It's possible rookie Jack Roslovic will come into the lineup Friday to take Perreault's spot on a line with Little and Joel Armia. They would head back home with the series at 1-1 and in home games this year, the Wild are 27-6-7-1 this season.
    Michigan State board meeting erupts over gymnast's payoff accusations

    Michigan State board meeting erupts over gymnast's payoff accusations

    But his spokesperson, Emily Guerrant, confirmed that she was at the meeting with Lorincz, her mother, and Viventi. You tried to make us feel like WE were the problem and MSU was the victim because of the civil suits.
    Homeless Girl Scout troop holds first-ever cookie sale

    Homeless Girl Scout troop holds first-ever cookie sale

    This will be the first time these homeless Scouts, who live in shelters, will be able to sell cookies for their troop. Long gone are the days of Girl Scouts having to go door-to-door to sell their legendary cookies.
  • Syria warns West it will defend itself if attacked

    Syria warns West it will defend itself if attacked

    Earlier this afternoon the Russian Foreign Minister Sergei Lavrov said the chemical attack was staged by foreign actors. The White House today confirmed the President is yet to make a final decision on the situation in Syria .
    Detroit woman arrested for abusing 2-year-old boy

    Detroit woman arrested for abusing 2-year-old boy

    Phipps and Snipes are considering writing a book on the missed connection that changed their life. Vaughn is now 18 months old, and the women meet up to take him for playdates in the park.
    Ewoks vs Stormtroopers in new Battlefront II mode, Ewok Hunt

    Ewoks vs Stormtroopers in new Battlefront II mode, Ewok Hunt

    The update goes live on April 18 on PS4, Xbox One, and PC, and includes various other tweaks and balance fixes . It's the Ewok's home turf, but stormtroopers certainly have the technological advantage and training.
  • Russia's latest conspiracy theory: Syria chemical attack 'fabricated' by a foreign power

    Russia's latest conspiracy theory: Syria chemical attack 'fabricated' by a foreign power

    Sergey Lavrov did not specify which agency or provide evidence, but he warned the West against proposed military action. The Russian leader warned against "ill-considered and risky actions ... that would have consequences beyond conjecture".
    Weather Forecast: Dry today, then showers return this weekend

    Weather Forecast: Dry today, then showers return this weekend

    EXTENDED: Heading into Saturday we are tracking more strong winds, to Level 2 strength so gusts in excess of 50 miles per hour . A line of storms are expected to move across the region by 5-8 a.m. and move east toward I-65 by late Saturday afternoon.
    Mariah Carey Announces Longtime Battle With Bipolar Disorder

    Mariah Carey Announces Longtime Battle With Bipolar Disorder

    It comes just days after the chart-topping star revealed she's been suffering from bipolar in secret for almost two decades. It just switches quickly for me: it's a cliff edge effect - whereas some people experience the change more gradually.