Walmart is likely to close in on purchasing Indian ecommerce company Flipkart by the end of June. Reuters reported this move could be Walmart’s biggest acquisition of an online business and Reuters reported Walmart has made a proposal to purchase 51% or more of Flipkart’s business, valuing the acquisition between $10 billion and $12 billion.
As Reuters reported, the deal could step up the battle between Amazon and Walmart for a bigger share of India’s ecommerce market, which is estimated to be worth $200 billion in the next decade.
Forbes reported that an Amazon and Flipkart deal could face scrutiny from the Competition Commission of India since together Amazon and Flipkart could monopolize India’s ecommerce.
Walmart will buy both new and existing Flipkart shares, with existing shares valuing the company at $12 billion and future shares expected to value the Bengaluru-based firm at least $18 billion.
For the full Reuters article, click here.