Flipkart co-founder Sachin Bansal likely to quit after Walmart's deal

Exclusive: Amazon offers to buy 60 percent in Flipkart - cnbctv18.com

Walmart to buy 73% of Flipkart, India's Largest Online Retailer

While it is being speculated that Walmart may retain the top management of the company after the acquisition goes through, it is also being said that the two founders - Sachin Bansal and Binny Bansal - are looking to sell their entire stake in the company.

In April, Reuters reported that Walmart was likely to reach a deal to buy a majority stake in Flipkart by the end of June.

In a move seen as a precursor to U.S. retail giant Walmart acquiring a majority stake in Flipkart, the Indian e-commerce player has bought back shares worth $350 million from investors in its Singapore-based parent to regain private limited status in the country.

Nolan Arenado hits two of Rockies' four homers in rout of Cubs
Tyler Anderson picked up his only win of the season when he recovered from a sloppy first inning to beat Cubs starter Yu Darvish . When Gray goes seven innings and keeps the lead throughout the game before passing the ball to the bullpen, that is ideal.

"The company's valuation is estimated to be $18 billion, which is based on the buyback price paid to investors, including premium", added the analyst. Sources also suggest that Google's parent company Alphabet Inc is involved in the deal, with about $3 billion in investment coming from it. While the financial contours of this new deal on the table are broadly expected to match the Walmart proposal, Amazon is reportedly also offering a breakup fee of $2 billion to underscore its interest.

India is a critical market for both Walmart and Amazon and a deal with Flipkart would help either player in consolidating their position in the booming e-commerce market here. Amazon is out of the running unless Walmart hits unforeseen trouble. The world's largest retailer has struggled against Amazon as consumers increase their spending on the Internet. They weren't particularly amped about the deal when it was being initiated and now that it seems to be final, SoftBank plans on selling off its 25% stake in the company to earn almost $5 billion.

Amazon has already been aggressively expanding in the country on its own.

IPL 2018 Match 33: Dinesh Karthik Vs MS Dhoni
Having failed to defend a steep 203 in the first leg, KKR bowlers will look for a better show this time. In their last four matches, KKR's opponents have posted opening partnerships of 54, 116, 59 & 67.

The company, helmed by billionaire Jeff Bezos, said it does not offer comments on rumours and speculations. The US retail conglomerate is tipped to spend at least $14.6 billion, and as much as $16 billion, in the cash-and-stock buyout of the Indian e-commerce company.

However, citing resources, the report said that Binny Bansal might stay in the firm after the Walmart takeover.

Tiger Global, Naspers, Accel Partners, IDG Ventures and a few other investors are likely to sell their stakes to Walmart in the transaction.

NWS: Weather could get severe
Storms are expected to form over Kansas late in the afternoon and maintain strength as they pass over Kansas City after 7 p.m. This could really feel like early summer and you will hear people say 'that it "feels" like a storm is coming'.

Latest News