Walmart is buying India’s Flipkart. Walmart continues taking over on technology to control the e-commerce market and compete against Amazon. The company finally make it official. Because the giant corporation is acquiring Flipkart.

The world’s largest retailer will take control soon. Of the Bengaluru-based e-commerce company for its biggest acquisition ever, Softbank chief executive officer Masayoshi Son said in an earnings webcast today, as per Bloomberg.

Softbank’s 20% stake in Flipkart valued at about $4 billion. (Rs27,000 crore). Son said, adding that he had invested $2.5 billion in the company. Son did not share any further details of the transaction.

“Walmart is purchasing Flipkart. Last night there was the official announcement. I believe the deal was reached and the money about 2.5 billion that we have invested has turned out to be 4 billion.” Son said.

The acquisition may cost Walmart around $15 billion, according to a previous estimate by Bloomberg.

Amazon was also reportedly in the fray to acquire Flipkart and went far enough to offer a “breakup fee” of up to $2 billion to prove its seriousness. A breakup fee penalty has set during the takeover process. This agreement will pay if the target backs out of the deal.

However, Walmart managed to seal the deal and is now in a place to take the fight to Amazon in India’s e-commerce market, which is estimated to grow over 13 times to $200 billion by 2026.

A giant leap

The deal marks a significant milestone for Flipkart.

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