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Walmart wins bidding for Flipkart, to buy 77% for USD 16 billion

2018-05-09 13:53:00| Telecompaper Headlines

(Telecompaper) Walmart has won the bidding to acquire Indian e-commerce platform Flipkart, beating Amazon to the deal. The US company will pay USD 16 billion to acquire a 77 percent stake in Flipkart from shareholders such as Softbank. Flipkart's founders as well as Tencent, Tiger Global and Microsoft will continue to hold minority stakes. Walmart said it will build out the Indian platform in the near term, ahead of an eventual IPO for Flipkart.

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