SoftBank is selling its entire Flipkart stake to Walmart

Business


Hemant Mishra | Mint | Getty Images

Outside view of Flipkart office shot on October 01, 2015 in Bengaluru, India.

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

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

SoftBank did not disclose terms of the sale but this month CEO Masayoshi Son said its investment in the Indian firm was worth around $4 billion. The Vision Fund invested 2.5
billion in Flipkart in August last year.

It also did not comment on its reasons for cashing out. The Flipkart exit comes far more quickly than SoftBank’s average investment duration of 13.5 years.

The Vision Fund has invested $30 billion in startups in the last year. Son, who, as of last May, has attracted $93 billion to his technology investment vehicle, said last week he is looking to start a new fund — potentially further upending the world of dealmaking.

Major investments by the fund include ride-hailing firm Uber Technologies, co-working space provider WeWork Cos and chip designer Arm Holdings.



Source link

Products You May Like

Articles You May Like

Investors can get tax breaks for investing in opportunity zones: Treasury
Hiring managers say this is the most critical part of a job intervew 
Markets are just experiencing a ‘midlife crisis,’ veteran wealth manager says
Artificial intelligence is changing how investors’ money is managed
Blue Origin’s Jeff Bezos predicts 1 trillion humans in the solar system

Leave a Reply

Your email address will not be published. Required fields are marked *