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| Photographer: Dhiraj Singh/Bloomberg |
Walmart Inc. has agreed to buy control of Flipkart Online Services Pvt, according to SoftBank Group Corp. Chief Executive Officer Masayoshi Son, a major shareholder in the Indian e-commerce company.
The Japanese company, through its Vision Fund, invested $2.5 billion in Flipkart and that stake will be worth about $4 billion in the deal, Son told a briefing on Wednesday. He didn’t elaborate on other terms of the Walmart takeover. The deal values Flipkart at about $20 billion, people familiar with the matter have said previously.
An announcement is expected later on Wednesday.
Full story at Bloomberg.
By Saritha Rai and Mathew Boyle.
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