MUMBAI – 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 for about $15 billion, Bloomberg reported on Friday, citing unnamed sources.
SoftBank will sell its 20-plus percent stake as part of the deal, Bloomberg said, adding Google’s parent Alphabet Inc 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 and Alphabet did not immediately respond to requests for comment. Walmart and SoftBank declined to comment.
Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc 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.
Reporting by (Reuters) Sankalp Phartiyal; Editing by Muralikumar Anantharaman