SoftBank is to sell its entire 21% stake in Indian e-commerce venture Flipkart to Walmart.
Its Vision Fundinvested close to $2.5 billion in Flipkart and is expected to make close to $4 billion on the deal.
Earlier this month, Walmart announced that it would buy a 77% stake in Flipkart for $16 billion. The SoftBank move ends weeks of doubt over whether the Japanese telecom and internet powerhouse would stay or go. It took its time making a decision as various factors needed to be addressed, including the tax paid on profits earned from a share sale.
Sign up for our free retail technology newsletter here.