As the deadline for Walmart-Flipkart deal inches closer, major investors in Flipkart, except SoftBank, have agreed to sell their stakes in the company.
In a report ET quoted sources close to the development as stating that “Walmart has reached an agreement on buying the stakes of New York-based investment firm Tiger Global Management, South African media conglomerate Naspers, venture capital firm Accel and China’s Tencent Holdings.”
Also, Flipkart owners, Sachin Bansal and Binny Bansal, who are not brothers, may sell a part of their stake in the company. However, Japanese conglomerate SoftBank, which holds 23.6% stake, has held on to its stake waiting for a better price close to $15-17 Bn, through a secondary sale of shares.
Earlier, Inc42 had reported that SoftBank was preparing to sell a part of its share in the company. Analysts believed that SoftBank is expected to gain almost $2 Bn from its last investment in the company if the Walmart deal goes through.
The offer of $10-12 Bn valuation by Walmart has received cold shoulder from SoftBank, the sources added. “Discussions with SoftBank are still ongoing… Most of the others have come aboard. In a deal like this, there are always ebbs and flows, but there is a time factor to consider as well,” one said.