Flipkart, the Indian e-commerce giant came to terms with American brick-and-mortar mammoth, Walmart, to sell an equity stake of about 75% for $15 billion, according to a report from Bloomberg which cited anonymous sources.
SoftBank, the Japanese multinational conglomerate holding company that holds 20% stake in the e-commerce business agreed to sell its shares of the company to the American firm. Bloomberg added that Google’s parent company Alphabet Inc is also participating alongside Walmart in this deal.
Terms are still being negotiated and the deal can even fall apart at any moment, Bloomberg reported. However, the deal is expected to close within the next 10 days.
None of the companies agreed to comment on the matter.
Earlier this week, Indian TV channel CNBC-TV18 reported that Flipkart’s biggest rival, American-headquartered e-commerce, Amazon, made a formal offer to acquire 60% of Flipkart. Amazon also declined to comment.