Softbank CEO Masayoshi Son Confirms Deal To Sell Stake In Flipkart To Walmart

Japanese investment firm Softbank’s chief executive officer Masayoshi Son has confirmed that the firm has made a deal with American retail giant Walmart to sell its stake in Indian e-commerce firm Flipkart, reports The Associated Press. The deal is expected to be made public today (9 May), reports Mint.

Walmart will acquire nearly 70 per cent stake in Flipkart and pump in $2 billion of frwsh capital for the Bengaluru-based firm valued at $21 billion before acquiring the remaining share from other investors – Tiger Global, Naspers and Accel Partners – at a valuation of $17 to $18 billion.

Flipkart’s acquisition by the Arkansas-based retailer is being touted as the world’s largest e-commerce deal. Softbank was the largest investor in Flipkart and had asked it to wait for a competing offer from Seattle-based Amazon earlier.