Flipkart board approves deal to sell 75% stake to Walmart

BANGALORE: The board of Flipkart Online Services Pvt has approved an agreement to sell about 75% of the company to a Walmart Inc-led group for approximately US$15bil, according to people familiar with the matter, an enormous bet by the American retailer on international expansion.

Under the proposed deal, SoftBank Group Corp will sell all of the 20% plus stake it holds in Flipkart through an investment fund at a valuation of roughly US$20bil, said the people, asking not to be named because the matter is private. Google-parent Alphabet Inc is likely to participate in the investment with Walmart, said one of the people. A final close is expected within 10 days, though terms could still change and a deal isn’t certain, they said.