The board of Indian e-commerce giant Flipkart has approved a deal to sell a roughly 75% stake in the company to a group led by WalMart (NYSE: WMT) for $15 billion, according to a report.
Japan's SoftBank will sell its entire 20-plus-% stake in Flipkart, Bloomberg reported Friday, citing unnamed sources, and Google's parent company Alphabet (NASDAQ: GOOGL) is likely to participate in the investment with WalMart.
A final close to the deal is expected within 10 days, the report said, but the terms could still change and a deal is not certain.
A majority stake in Flipkart would see WalMart gain significant ground against Amazon in India. It would also increase the company's presence overseas. Earlier this week, WalMart-owned supermarket Asda joined forces with competitor Sainsbury's in a deal worth £7.3 billion ($10 billion U.S).
"WalMart is embracing technology and developing partnerships to unlock value for its shareholders and customers in the U.K. This deal comes at a time when the global retail landscape is undergoing a significant change," according to a news release this week.
"The combination of Asda with Sainsbury's will create one of the leading grocery, general merchandise, and clothing retail groups in the U.K. The combined entity is expected to surpass Tesco, which is currently the largest retailer in the U.K. with a 25% market share."
"WalMart will bring to the table its global retail network and retail expertise. The combined business will have enhanced capabilities and a strong balance sheet to help deliver value and opportunities for customers, colleagues, suppliers, and shareholders of both businesses," the release concluded.
WalMart shares removed 43 cents Friday to $85.80
