Flipkart goes private in Singapore ahead of Walmart deal
Flipkart goes private in Singapore ahead of Walmart deal
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04 May, 2018, 09:37
Sources said Amazon's deal included a $2-billion breakaway fee in case the deal did not go through because investors and Flipkart cofounders are anxious that the deal will run into regulatory hurdles.
In what will be one of the biggest acquisitions in India, Flipkart may soon be acquired by Walmart Inc.as per latest reports. The US retail giant is said to be investing around $12 billion to pick up 60-80 per cent in Flipkart at a primary valuation of $20 billion.
As per FactorDaily, Flipkart is pegged at $20 Billion while Walmart has put the company's value at $22 billion.
And there is a little surprise as well: Google's parent company Alphabet has chose to chip in with $3 billion to acquire a minority stake in Flipkart. The Walmart-Flipkart deal will potentially help both the companies.
This shall be Walmart's largest acquisition till date, anywhere in the world.
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Forget Avengers and the Infinity War; this is the real battle for dominating Internet and eCommerce, globally.
As per the report by FactorDaily, Softbank has chose to make a full exit from Flipkart and is ready to accept $4 billion in the deal. The deal was lead by Walmart with JP Morgan Chase as its banker and with Amarchand Mangaldas as legal advisors and Bain and Co as management consultants.
According toTOI, Flipkart's largest investor SoftBank and Bansal were aligned in pursuing a merger deal with Amazon, which didn't get the backing of the majority shareholders.
Over last 2-3 years, Sachin Bansal has been focusing on building out private label brand called "Billion" under Flipkart, besides looking at government affairs. Flipkart had consulted an unnamed advisor from Singapore.
It's now unclear if Flipkart favors one offer over the other, but it's possible that it has a preference between competing for the lead in the market alongside Walmart, and immediately becoming the dominant e-tailer in India in conjunction with Amazon.
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