Walmart to buy 77% stake in India's Flipkart for $16bn
11 May 2018, 12:58 | Jenny Fowler
Hogan Lovells' Tech Team Takes Lead on Walmart's $16 Billion Flipkart Buy
"The Bentonville company has acquired 77% of the Bengaluru-based company, as per sources", according to the Economic Times and others.
The US bricks and mortar retail giant bested its US counterpart Amazon after the ecommerce firm reportedly made a competing offer to acquire Flipkart that ultimately failed.
He saidFlipkart would be run as a board managed company with Walmart acting as a resource centre. The remainder of the business will be held by some of Flipkart's existing shareholders, including co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp.
Since then, Climan and Moore have worked closely on a number of large deals, including advising Marvell Technology Group Ltd. on its pending $6 billion buy of Cavium Inc. and Synopsys Inc. on its $565 million acquisition of Black Duck Software Inc.
But some traders in India are opposed to the deal, fearing its effect on competition. The move will see a boost in funds for the Indian e-tailer which will work under Walmart to accelerate the U.S. retailers Indian business.
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United States west coast firm Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, which has served as outside counsel to Flipkart since 2011, is serving as lead M&A and worldwide counsel to the company on the deal, fielding a team led by partners Andrew Luh, Mark Foster, Steven Baglio, David Sharrow, Jonathan Pentzien and Ferish Patel.
Flipkart had already sparked consolidation in the market in the last few years by snapping up fashion e-tailers Myntra and Jabong, and eBay's India arm, as it moved to snuff out rivals and grab a greater market share.
"A company like Walmart shown interest only after they smelled huge business opportunities in the Indian e-commerce market through Flipkart". We are confident this group will provide Flipkart with enhanced strategic and competitive advantage. One can only hope that both companies will continue to plough in funds and resources into the country, which is estimated to become a trillion-dollar e-commerce market within a decade, creating jobs and opportunities to grow more Indian entrepreneurs who will be able to sell their products on either platform.
Sachin Bansal will sell his 5.5 per cent stake for about $1 billion and exit the company he co-founded with IIT-Delhi college mate, leaving behind questions on his abrupt departure.
After failing to make a serious dent in other big foreign markets such as China, Brazil, Germany and UK, US retail behemoth Walmart wants India to be its foreign success story. "It is to be noted that nowhere in the world, Walmart has a market place model", he said in his letter. After investing about $2.5 billion into the Indian company a year ago, its stake is now worth about $4 billion, Son said at a press conference early Wednesday (in which he also inadvertently disclosed that the deal was done before the official announcement). The deal will only benefit investors, venture capitalists and promoters.
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