Walmart to pay $16 billion for control of India’s Flipkart, shares slide
Walmart to buy controlling stake in India’s Flipkart for $16 bln
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May 9, 2018This post was originally published on this site
MUMBAI/NEW YORK (Reuters) – Walmart Inc said on Wednesday it will pay $16 billion for a roughly 77 percent stake in Indian e-commerce firm Flipkart, and shares of the U.S. retailer tumbled 4 percent on news of its largest-ever deal, an effort to compete with rival Amazon.com Inc in an important growth market.