The board of Indian e-commerce giant Flipkart has approved a deal to sell a roughly 75 percent stake in the company to a group led by Walmart for $15 billion, according to a report.
Japan’s SoftBank will sell its entire 20-plus percent stake in Flipkart, Bloomberg reported Friday, citing unnamed sources, and Google’s parent company Alphabet is likely to participate in the investment with Walmart.
A final close to the deal is expected within 10 days, the report said, but the terms could still change and a deal is not certain.
Walmart, Flipkart and Amazon were not immediately available for comment when contacted by CNBC. SoftBank declined to comment.
CNBC’s India affiliate CNBC TV-18 reported earlier this week that Amazon had made a formal offer to buy a 60 percent stake in Flipkart, citing unnamed sources.
A majority stake in Flipkart would see Walmart gain significant ground against Amazon in India. It would also increase the company’s presence overseas. Earlier this week, Walmart-owned supermarket Asda joined forces with competitor Sainsbury’s in a deal worth £7.3 billion ($10 billion).
You can read the full report by Bloomberg here.