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Walmart has sealed deal to buy Flipkart, confirms SoftBank's Masayoshi Son

The Walmart-Flipkart deal was sealed on Tuesday night, Japan Time, Son said on a conference call after SoftBank reported earnings

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Walmart wants to pick up a controlling stake in the Bengaluru-based firm, valuing it at around $18-20 billion. | Photo: Reuters

Reuters Tokyo

Last Updated : May 09 2018 | 2:59 PM IST

US retail giant Walmart Inc was acquiring Indian e-commerce major Flipkart, SoftBank Group chief executive Masayoshi Son said on Wednesday.

The Walmart-Flipkart deal was sealed on Tuesday night, Japan Time, Son said on a conference call after SoftBank reported earnings, adding that its investment in the Indian online marketplace had almost doubled.

Sources had previously told Reuters that SoftBank would completely sell its shares in Flipkart to Walmart.