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The buyback also paves way for the Singapore-registered Flipkart to become a private entity and sell its stake to bidders like Walmart at higher value.

In a huge merger on Thursday, reports suggest that USA retail giant Walmart Inc has signed a deal to acquire 73% of controlling stakes of Indian e-retail company Flipkart - a deal that will likely prompt the exit of Flipkart's co-founder Sachin Bansal.

Factor Daily stated some friendly investors such as Tencent, Microsoft and Tiger Global might not cash out, while Softbank, which holds 20 percent stake, will exit, making $4 billion in the process. Alphabet is investing $3 billion in the deal, though the exact details of its involvement were not clear.

The deal, which will see the U.S. retail giant buy around 73 per cent of the Indian e-commerce company, was finally sealed on Thursday following months of negotiations. According to a recent Economic Times report, Flipkart's Executive Chairman Sachin Bansal may exit Flipkart, once Walmart enters. Meanwhile, the e-tailer completed another round of buybacks of its shares valued at $350 million (Rs 2,275 crore) from its investors, according to its regulatory filing on Thursday.

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The acquisition of Flipkart has been a talk of the country that has kept the Indian e-commerce industry on its toes, but it seems that a deal has finally been finalized.

The TOI report citing sources said Walmart is keen on retaining only one of the two founders. Walmart also plans to develop a grocery marketplace using Flipkart. Krishnamurthy, who took over as CEO from Binny in January last year, is seen to have turned around the e-commerce major after two sluggish years when it ceded market share to Amazon under the leadership of Sachin. Sources said Amazon's deal included a $2-billion breakaway fee in case the deal did not go through because investors and Flipkart cofounders are anxious that the deal will run into regulatory hurdles. "It is important for food safety", the source said. Amazon is out of the running unless Walmart hits unforeseen trouble. It will also be one the biggest acquisition deals by Walmart.

The world's largest online retailer has been pouring billions of dollars into India to ship goods to shoppers faster, contributing to growing losses internationally.