Walmart buys 77 per cent stake in Flipkart for $16 billion
US retail giant Walmart has signed a definitive agreement to acquire a 77 per cent stake in India’s largest e-commerce marketplace Flipkart with an investment of around $16 billion, making it the largest transaction in history of the online retail space globally. The deal, which wiped away $10 billion of Walmart’s market capitalisation as investors reacted negatively in early morning trade on the New York Stock Exchange, stands out for several exits. The biggest was Sachin Bansal selling his entire 5.96 per cent stake for $1.23 billion and parting ways with Flipkart that he had founded in 2007 along with friend from IIT, Binny Bansal (not related). Sachin was nowhere around at the Flipkart campus when the Walmart top team led by CEO Doug McMillon addressed employees in a townhall meeting Wednesday evening. ALSO READ: Walmart-Flipkart deal: The common idea that binds the Bansals together Another significant exit is that of SoftBank, the largest investor in Flipkart. In a...