The Wall Street Journal claimed on Sunday, citing a letter from the hedge fund to its clients, that Walmart had paid $1.4 billion to acquire hedge fund Tiger Global’s stake in the online retailer Flipkart. Although declining to comment on the deal’s financial specifics, a Walmart (NYSE: WMT) representative confirmed the sale in an email …
The Wall Street Journal claimed on Sunday, citing a letter from the hedge fund to its clients, that Walmart had paid $1.4 billion to acquire hedge fund Tiger Global’s stake in the online retailer Flipkart. Although declining to comment on the deal’s financial specifics, a Walmart (NYSE: WMT) representative confirmed the sale in an email to Reuters. According to the WSJ article, the acquisition will value the e-commerce company at $35 billion. The Walmart representative stated, “We continue to have faith in Flipkart’s future and are now even more optimistic about the possibilities in India than we were when we originally invested.” Reuters contacted Tiger Global for comment, but they did not answer right away. The private equity companies Accel and Tiger Global, two of the company’s original investors, were reportedly in talks with Walmart earlier this year, according to a report in the Economics Times. The ET article stated that Tiger Global owned around 4% of the business. For around $16 billion, Walmart purchased a 77% majority stake in Flipkart in 2018, and later that year it announced it might list the business in four years.
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