Wednesday, May 9, 2018

Walmart will pay $16 billion for majority stake in Flipkart

Chain Store Age
In the largest acquisition in its history, Walmart has agreed to acquire India’s leading e-commerce retailer, Flipkart.

After weeks of speculation, Walmart said on Wednesday it has signed a definitive agreement to buy an initial stake of approximately 77% in Flipkart for $16 billion. The remainder of the business will be held by some of Flipkart’s existing shareholders, including Microsoft, Tiger Global Management, Tencent Holdings and Flipkart co-founder Binny Bansal. . . . more