Walmart to buy 73% of Flipkart in India's biggest e-commerce takeover

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Much is left to speculation, however: Amazon, Walmart and Flipkart all refuse to comment in any official capacity on what could well become one of the most important e-commerce deals of the year.

The acquisition of Flipkart has been a talk of the country that has kept the Indian e-commerce industry on its toes, but it seems that a deal has finally been finalized.

Amazon's offer is likely to be on par with Walmart's bid for the Indian company. Walmart and some Flipkart investors, including Japan's SoftBank Group Corp., are yet to agree on the final details and a deal could take at least a month to be signed, the report said.

If we believe the report, then Walmart has gone all out and agreed to pay whopping $16 billion to acquire 73% stake in Flipkart, India's largest e-commerce portal.

Walmart would maintain a focus on the grocery market, said the sources, suggesting that nearly 50% of Walmart's initial investment would be funneled into building a food and grocery supply chain.

Parties involved in this deal were: JP Morgan Chase for Walmart, Amarchand Mangaldas as legal advisors, and Bain & Co.as management consultants.

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Currently, SoftBank and Tiger Global own little more than 20 per cent each of Flipkart, Naspers holds almost 13 per cent stake, Accel 6.4 per cent, while the Bansals own just over 5 per cent each of the company.

Some people familiar with the ongoing negotiations say that Walmart is looking to keep co-founders Binny Bansal and Sachin Bansal, and CEO Kalyan Krishnamurthy in their roles after the acquisition goes through.

As per FactorDaily, Flipkart is pegged at $20 Billion while Walmart has put the company's value at $22 billion.

Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc AMZN.O has made a formal offer to buy 60 percent of Flipkart. Not bad, considering Flipkart managed $1.4 billion against $3 billion revenues previous year. The Bansals together own around 10 per cent stake in Flipkart, which makes them collectively worth around $2 billion.

If the deal between Walmart and Flipkart materialises, the war between Amazon and Walmart would spill over into India, the fastest growing market for the Jeff Bezos founded company.

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