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

04 May, 2018, 14:18 | Author: Teresa Adams
  • Walmart may end up spending anywhere between $8 billion and $12 billion to buy a majority stake in Flipkart

The sources indicated that Walmart had valued Flipkart at between $20 and $22 billion.

As Flipkart inches closer to sell a majority stake to global retail giant Walmart, reports have emerged that Sachin Bansal, co-founder and chairman of the e-tailer may quit after the deal is done and dusted. According to reports all major investors in Flipkart, including SoftBank of Japan, are on board with Walmart's purchase and the deal could be announced in the coming days.

The move, which has been termed one of the biggest acquisitions in the world's second-most populous country, and is the biggest ever by Walmart, would see the retail giant spend at least $14.6 billion (up to $16 billion) in a cash-and-stock buyout.

Walmart informed Flipkart it plans to sell shares in an initial public offer (IPO) in three years time.

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Event Alphabet Inc., Google's parent company, might a part of this agreement by way of a $3 billion investment.

Flipkart is reported to have bought back shares worth $350 million from investors in its Singapore-based parent to regain its private company status ahead of its sale to United States retail giant Walmart Inc. But this week, according to a report by CNBC affiliate CNBC-TV18, the deal appears to not be quite final; Amazon has tendered a competing offer-complete with a $2 billion "breakup fee" to cover the cost of a potentially scuttled deal. It will be $4 billion exit to Softbank in Flipkart as the company invested $2.5 billion through it's vision fund.

Some people familiar with the ongoing negotiations say that Walmart is looking to keep co-founders Binny Bansal and Sachin Bansal, and CEO Kalyan Krishnamurthy in their roles after the acquisition goes through.

Emails sent to Flipkart and Walmart did not elicit any response.

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However, investors such as Tencent, Microsoft and Tiger Global are not likely to exit completely. It is expected that the offer is a ploy to block Walmart from bringing its expertise in logistics and supply chain management to Flipkart.

India is a fast-growing e-commerce market, now worth $27 billion and forecast to grow at 29.2 percent over the next four years, reaching $73 billion by 2022.

In a resolution Flipkart filed with the Singapore authorities, the company said it would look to acquire its own shares from investors at $131.4 per share.

Walmart and Amazon's interest in gaining share in India comes after both retailers have struggled to grow in China, ultimately losing ground to Chinese e-commerce firm Alibaba Group Holding Ltd.

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