SoftBank boss confirms Walmart Flipkart deal

SoftBank Group Chief Executive Masayoshi Son has confirmed a widely anticipated agreement to sell the company’s stake in Indian e-commerce venture Flipkart to Walmart.

Son made the announcement on a conference call about SoftBank’s quarterly results. He did not go into specifics, but claimed he was doubling his initial investment with the sale. 

Yesterday, RTIH reported that Walmart had agreed the purchase of 75% of Flipkart for around $15 billion. The deal represents a significant victory over arch rival Amazon, which last week made a formal offer to buy 60% of Flipkart.

UPDATE: Walmart has now confirmed that it will pay approximately $16 billion for an initial stake of approximately 77% in Flipkart. Further details here.

Sign up for our free retail technology newsletter here.