May 23, 2018 / 2:40 AM / a month ago

SoftBank says selling its entire Flipkart stake to Walmart

TOKYO, May 23 (Reuters) - SoftBank Group Corp said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart Inc .

Walmart said earlier this month it will pay $16 billion for a roughly 77 percent stake in Flipkart, the U.S. retailer’s largest-ever deal.

A SoftBank spokesman declined to give further details.

SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion. (Reporting by Sam Nussey; Editing by Muralikumar Anantharaman)

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