SoftBank's Son confirms Walmart to acquire India's Flipkart
Category: World Currency News Archives
TOKYO (Reuters) - U.S. retail giant Walmart Inc (WMT.N) is acquiring Indian e-commerce player Flipkart, SoftBank Group (9984.T) chief executive Masayoshi Son said on Wednesday.
FILE PHOTO: The logo of India's e-commerce firm Flipkart is seen on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo
The Walmart-Flipkart deal was sealed on Tuesday night, Japan Time, Son said on a conference call after SoftBank reported earnings, adding that its investment in the Indian online marketplace had almost doubled.
Sources have previously told Reuters that SoftBank would completely sell its shares in Flipkart to Walmart.
Reporting by Sam Nussey; Writing by Sankalp Phartiyal; Editing by Muralikumar Anantharaman