By
Reuters API
Reuters API
Published
May 23, 2018
May 23, 2018
SoftBank says selling its entire Flipkart stake to Walmart
By
Reuters API
Reuters API
Published
May 23, 2018
May 23, 2018
SoftBank Group Corp said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart Inc .
Walmart said earlier this month it will pay $16 billion (12 billion pounds) for a roughly 77 percent stake in Flipkart, the U.S. retailer's largest-ever deal.
A SoftBank spokesman declined to give further details.
SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion.
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