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  Business   Market  23 May 2018  SoftBank says selling its entire Flipkart stake to Walmart

SoftBank says selling its entire Flipkart stake to Walmart

REUTERS
Published : May 23, 2018, 8:37 am IST
Updated : May 23, 2018, 8:43 am IST

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

A SoftBank spokesman declined to give further details.
 A SoftBank spokesman declined to give further details.

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.

Tags: softbank, filpkart, walmart, stake
Location: Japan, Tokyo-to, Tokyo