Days after Amazon attempted to counterbid the Bentonville, Ark.-based retailer, Walmart has received clearance from Flipkart's board to acquire roughly three-quarters of the Indian ecommerce behemoth, Bloomberg has reported, citing people familiar with the matter.

May 7, 2018 Published by CP Voice

Days after Amazon attempted to counterbid the Bentonville, Ark.-based retailer, Walmart has received clearance from Flipkart’s board to acquire roughly three-quarters of the Indian ecommerce behemoth, Bloomberg has reported, citing people familiar with the matter.

In the deal, SoftBank Group Corp. has agreed to sell all of its stake, more than 20 percent, through an investment fund at a valuation of about $20 billion, the news outlet reported. Alphabet Inc., parent of technology company Google, is likely to participate in Walmart’s investment, too. Close of the deal is expected in 10 days.

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