US retailer Walmart Inc today acquired 77 per cent share in Flipkart for about USD 16 billion. It is Walmart `biggest acquisition till date.
The deal also attracted the attention of Jeff Bezos, the richest person on the Bloomberg Billionaires Index. Amazon tried to take control of Flipkart with a competing offer but the board ultimately decided a deal with Walmart is more likely to win regulatory approval.
The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion. Bentonville, Arkansas-based Walmart will acquire about 77 per cent stake in Flipkart, Walmart said in a statement.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal. Sachin and Binny, who are not related and formerly worked for Amazon.com Inc, like their US rival began by selling books when they founded Flipkart.