SoftBank is closing in on an agreement to combine its e-commerce company Snapdeal with market leader Flipkart to create a stronger domestic player to compete with Amazon, according to sources.
SoftBank Group Corp’s Masayoshi Son and Amazon.com Inc founder Jeff Bezos are heading for a clash in India.
SoftBank is closing in on an agreement to combine its e-commerce company Snapdeal with market leader Flipkart Online Services Pvt, creating a stronger domestic player to compete with the American behemoth, according to people familiar with the matter. To get the merger done, Son is willing to cut Snapdeal’s valuation 85% to US$1bil (RM4.43bil), said the people, asking not to be named because the talk is private.
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