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Update: Walmart agrees to buy 77% stake in Flipkart for $16 billion

Flipkart Cmn

Updated story (5.20 pm): Walmart has agreed to buy roughly a 77% stake in Indian online shopping site Flipkart for $16 billion. This makes it the US retail giant's biggest investment ever as it looks to take the fight to global rival Amazon in one of its key markets, India. The remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, China’s Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp, the company said in a statement on Wednesday. Flipkart co-founder Sachin Bansal to exit company by selling his 5.5% stake to Walmart. Walmart said it expected the deal to knock about 25-30 cents off its earnings per share in fiscal 2019, assuming the deal closes at the end of the second quarter. It also said that the deal included $2 billion of funding from new equity in Flipkart, which could be sold to additional investors in the future, diluting the US company’s overall stake. “India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market,” Doug McMillon, Walmart’s Chief Executive Officer said. Original Story (4:00 pm): Softbank announced that it has reached an agreement to sell its stake in e-commerce major Flipkart to US retail giant Walmart. The deal which is expected to be announced this week was unveiled by Softbank CEO Masayoshi…

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