Indian e-commerce firm Flipkart’s board is yet to finalize a deal to sell a stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, adding that a deal could just be days away.
Bloomberg reported earlier on Friday, citing unnamed sources, that Flipkart’s board had approved a deal to sell a stake of about 75 percent in the company to a group led by U.S. retail giant Walmart for about $15 billion.
Walmart is in advanced talks with Flipkart to acquire a controlling stake in the Bengaluru-based online marketplace at a valuation of at least $18 billion, Reuters has previously reported.
A third source told Reuters that while Flipkart’s board has “in-principle” approved engaging with Walmart based on the terms of an offer before them, taxation related concerns and a few other issues need to be resolved.
Sources have said that Amazon.com Inc has shown an interest in buying Flipkart, India’s top homegrown e-commerce firm, but a deal with Walmart is much more likely to go through. Amazon is Flipkart’s biggest rival in India.
