Good Wednesday. Here’s what we’re watching:

• How well did Flipkart’s investors do?

• What did AT&T and Novartis want from Michael Cohen?

• Walmart finally announced a deal to buy control of Flipkart for about $16 billion.

• What the U.S.’s withdrawal from the Iran nuclear deal means for the business world.

• The bottom line on Vodafone’s big deal with Liberty Global.

Get this in your inbox each morning. Sign up here.

How Walmart struck its Flipkart deal

The story of Walmart’s $16 billion deal for Flipkart began nearly two years ago and spanned secret negotiations in both Bentonville, Ark., and Bangalore, India. Here’s an account of how it came together based on interviews by people involved in the transaction, who were not authorized to speak publicly about the deal.

Driving the deal was the retail giant’s push to bolster its presences in e-commerce and emerging markets like India. In recent years, Walmart had bought Jet.com and Bonobos. The giant American retailer also had moved to combine its Asda supermarket chain in Britain with a local rival to allow Walmart to focus its attention elsewhere.