SoftBank says selling its entire Flipkart stake to Walmart

SoftBank Group Corp said it is selling its roughly 20 pc stake in Indian e-commerce firm Flipkart to Walmart.

Update: 2018-05-23 03:07 GMT

SoftBank wrote off 39.28 billion yen in the value of shares in its Indian investments

Tokyo: SoftBank Group Corp said on Wednesday it is selling its roughly 20 per cent stake in Indian e-commerce firm Flipkart to Walmart Inc.

Walmart said earlier this month it will pay $16 billion for a roughly 77 per cent stake in Flipkart, the US 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.