May 9, 2018 / 12:20 PM / in 6 months

South Africa's Naspers sells Flipkart stake to Walmart for $2.2 billion

JOHANNESBURG (Reuters) - South African Internet and entertainment firm Naspers (NPNJn.J) sold its entire 11.18 percent stake in Indian e-commerce firm Flipkart to Walmart Inc (WMT.N) for $2.2 billion, it said on Wednesday.

Naspers said the proceeds will be used to reinforce its balance sheet and will be invested over time to accelerate the growth of Naspers’ classifieds, online food delivery and fintech businesses globally. The firm also said it would also pursue other growth opportunities when they arise.

Launched in October 2007, Flipkart is India’s largest e-commerce marketplace. Naspers initially invested in Flipkart in August 2012 and its cumulative investment to the point of sale amounts to $616 million.

Reporting by Nqobile Dludla; Editing by James Macharia

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