Flipkart board clears 75% stake sale deal with Walmart for $15 billion

Share of Unique Visitors in India

Softbank now holds over 20% stake in Flipkart and this Walmart takeover will see them making $4 billion.

Walmart Inc.is seeking to acquire Flipkart with a 73% stake in the company, according to a report from FactorDaily.

As it is, right ahead of the blockbuster deal, Flipkart has bought back over 1.8 million shares worth more than $350 million from minority investors valuing the company at $17.69 billion as per information filed by Flipkart with Singapore's Accounting and Corporate Regulatory Authority.

The move is said to be in line with Flipkart's efforts to ease of the acquisition deal with Walmart.

Despite a board approval, Bloomberg reports that the terms of the deal could change and a deal isn't certain yet.

If the Walmart deal goes through, however, Amazon and Flipkart would remain competitors - which would likely be the best result for consumers.

A person familiar with the matter told Reuters that the probability of a Flipkart-Amazon deal was low, and that such a deal may spark competition fears as Flipkart and Amazon dominate India's e-commerce market.

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The deal will see Flipkart CEO Kalyan Krishnamurthy continue with the company, while one of the two founders, Sachin Bansal, might leave.

Flipkart and Alphabet did not immediately respond to requests for comment.

Sachin Bansal hasn't yet taken a decision on his future or how much stock he will sell in the proposed deal but he is also likely to stay on.

The Walmart-Flipkart negotiations have been reported by Mint and other publications for several months now. Walmart has been trying to pick up its e-commerce sales, which has been on a decline and a threat for the company that is trying to rival online giant Amazon.

The two Bansals used to be colleagues at Amazon (amzn) before-mirroring the USA firm's starting point-they started Flipkart as an online bookstore 11 years ago.

On Wednesday, Indian broadcaster CNBC-TV18 reported https://bit.ly/2jo03py that Amazon had offered Flipkart a breakup fee of $2 billion to convince it to discuss an offer, which analysts say would bring with it substantial antitrust challenges. Some sources have said that Flipkart is valued at over $20 billion.

"The stakes are really high for Walmart", said Brian Yarbrough, senior research analyst with Edward Jones.

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