SoftBank says selling entire Flipkart stake to Walmart

Tokyo, JapanUpdated: May 23, 2018, 09:02 AM IST
main img
SoftBank logo (file photo). Photograph:(Reuters)

SoftBank Group Corp said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart Inc.

Walmart said earlier this month it will pay $16 billion for a roughly 77 percent stake in Flipkart, the US retailer's largest-ever deal.

A SoftBank spokesman declined to give further details.

SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion.