The Currency Scene:
News, Events, and Stories about currency from around the world.

TOKYO (Reuters) - U.S. retail giant Walmart Inc (WMT.N) is acquiring Indian e-commerce player Flipkart, the chief executive of one of Flipkart’s biggest shareholders, SoftBank Group (9984.T), said on Wednesday.

image
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

Walmart would invest $10 billion-$12 billion in Flipkart for a controlling stake of more than 51 percent at a valuation of about $20 billion in what is the U.S. retailer’s biggest acquisition of a business, Reuters has reported earlier.

image
The Walmart logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2018. REUTERS/Brendan McDermid

“Last night, Japan time, it (Flipkart) reached final agreement that Walmart is purchasing Flipkart,” Masayoshi Son said on a SoftBank earnings conference call, ahead of an expected announcement by Walmart-Flipkart later on Wednesday.

Buying a stake in Flipkart, which sells everything from soaps to smartphones and from books to clothes, gives Walmart access to the vast Indian e-commerce market that, according to Morgan Stanley, will potentially be worth an annual $200 billion in a decade.

Last week, Indian media reported Amazon.com Inc (AMZN.O), Flipkart’s biggest rival in India, had made a formal offer to buy 60 percent of Flipkart and that it had also proposed a $2 billion breakup fee to convince Flipkart to discuss its offer.

Sources told Reuters that Amazon had shown an interest in buying Flipkart, but said a deal with Walmart was much more likely to go through. SoftBank’s investment in the Bengaluru-based online retailer had grown to $4 billion, Son said. SoftBank’s Vision Fund, the world’s biggest private equity fund, had invested $2.5

Read more from our friends at Reuters:

Pin It

The Logo Story

currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

Visit the CurrenScene Media Page