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India's Flipkart approves $15 billion stake sale to Walmart-led group - Bloomberg

Published 04/05/2018, 09:19
Updated 04/05/2018, 09:20
© Reuters. FILE PHOTO: A Common myna sits next to the logo of India's e-commerce firm Flipkart installed on the company's office in Bengaluru
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MUMBAI (Reuters) - Indian e-commerce firm Flipkart's board has approved a deal to sell an equity stake of about 75 percent in the company to a group led by Walmart Inc (N:WMT) for about $15 billion (11.04 billion pounds), Bloomberg reported on Friday, citing unnamed sources.

SoftBank (T:9984) will sell its 20-plus percent stake as part of the deal, Bloomberg said, adding Google's parent Alphabet Inc (O:GOOGL) was likely to participate in the investment with Walmart.

A final close of the deal is expected within 10 days, although deal terms could still change and a deal isn't certain, Bloomberg reported.

Flipkart [IPO-FLPK.N] and Alphabet did not immediately respond to requests for comment. Walmart and SoftBank declined to comment.

© Reuters. FILE PHOTO: A Common myna sits next to the logo of India's e-commerce firm Flipkart installed on the company's office in Bengaluru

Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc (O:AMZN) has made a formal offer to buy 60 percent of Flipkart. Amazon, which is Flipkart's biggest rival in India, declined to comment on that report.

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