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Walmart to acquire 73% in Flipkart at $20 Billion Valuation?

Walmart to acquire 73% in Flipkart at $20 Billion Valuation?

The newspaper report that Walmart wants Group CEO Binny Bansal and Krishnamurthy to have more crucial rules in the company. The giant is also seeking a non-compete agreement with Flipkart's founders, according to the sources.

Walmart Inc has reportedly reached a deal to buy a majority stake in Flipkart by the end of June in what could be the U.S. retail giant's biggest acquisition of an online business, two people with direct knowledge of the matter said. Flipkart's other co-founder Binny Bansal, who isn't related to Sachin Bansal, could remain on in some capacity as Walmart is said to be keen on retaining only one of them.

The Economic Times newspaper first reported about the negotiations in January, although it had said that the deal would be a minority investment.

Reuters reported last week that Walmart completed its due diligence on Flipkart and had made a proposal to buy 51 per cent or more of the Indian company for between $10 billion to $12 billion.

The factor daily report quoted sources a saying, "Cash component will be close to 55%, which will mark the exit of some of the largest investors in Flipkart".

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If the deal with Walmart goes through, it would provide Flipkart with more arsenal to go up against Amazon in the Indian market.

The rival company Amazon has also made a counter offer to buy 60 percent stake in Flipkart.

The sources added that Sachin Bansal, founder of Flipkart, was in the USA last week to oversee final lap negotiations with Walmart.

The buzz of the $12 billion deal between Walmart and Flipkart recently got louder with Softbank approaching Walmart's global CEO. "There has been a shareholder realignment within Flipkart over the past few weeks, which has brought top level fissures into the open", said a source cited earlier in the report.

Flipkart's major investors - Tiger Global Management, Accel and Naspers are expected to sell all their shares to the Arkansas-based retailer.

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