Walmart set to acquire 73 percent stake in Flipkart, edges Amazon

Amazon looking to outbid Walmart in Flipkart deal

Interestingly, Amazon has also been in talks to acquire a majority stake in Flipkart, suggesting the USA company does not want Walmart to enter the Indian market. "There has been a shareholder realignment within Flipkart over the past few weeks, which has brought top level fissures into the open", said a source cited earlier in the report.

Factor Daily reported sources as saying that Walmart, that had put Flipkart's value at at least $22 billion, will be spending at least $14.6 billion in the acquisition. The report added that the deal offered by the Jeff Bezos-run company proposed to merge Flipkart entirely with its Indian arm and sought a non-compete agreement with Flipkart's founders for 1-2 years. Even as Sachin's exit from Flipkart looks imminent, Walmart is holding on to Kalyan Krishnamurthy, the web retailer's present CEO, sources said. The Walmart-Flipkart deal will potentially help both the companies.

Update: Flipkart's board has reportedly approved a deal for Walmart to acquire 75% of the Indian e-commerce company.

Amazon was on Thursday reported to have made a counter-offer for a 60% stake in Flipkart.

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Flipkart's co-founder Sachin Bansal might take an exit from the firm after the much-talked about Walmart's takeover. Any Flipkart-Amazon deal is likely to come under the scanner of the Competition Commission of India (CCI), given the dominant market share these two entities have grabbed in the e-commerce space - around 70 per cent collectively.

Amazon said it does not offer comments on rumours and speculation, and Flipkart did not immediately respond to a request for comment. A spokesman for Walmart declined to comment.

Amazon has already been aggressively expanding in the country on its own. In a recent investor call, Amazon CFO Brian Olsavsky had said the company will continue to invest in India as it sees "great progress" with both sellers and customers here, even though as the U.S. e-tailing giant had registered a loss of United States dollars 622 million from global operations in the first quarter of 2018.

The company's largest backers like New York-based Tiger Global, Japan's SoftBank, Accel Partners, Microsoft, South African media and internet group Naspers, and eBay did not participate in the buyback. That stake could be worth more than $4 billion at the Walmart deal's valuation.

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