According to a letter from the hedge fund Tiger Global to its clients, Walmart (WMT.N) has paid $1.4 billion to buy out Tiger Global’s interest in the e-commerce company Flipkart.
A Walmart representative confirmed the sale but made no mention of the deal’s financial specifics.
According to the sources, the deal will be worth $35 billion for the e-commerce company.
The Walmart official stated, “We remain optimistic about Flipkart’s future and are even more optimistic now than we were when we originally invested.
Tiger Global did not react right away when the sources asked for a comment.
Two of the company’s early backers, the private equity firms Accel and Tiger Global, reportedly had discussions with Walmart earlier this year to sell their remaining stake in the company.
It said Tiger Global owned about 4% of the company.
Walmart acquired a 77% majority stake in Flipkart in 2018 for almost $16 billion, and later that year it declared it would IPO the company in four years.
Walmart Inc. is a national chain of supercenters or hypermarkets, inexpensive department stores, and grocery stores with its corporate headquarters in Bentonville, Arkansas. In 1962, two brothers named Sam and James “Bud” Walton founded the company in the Rogers, Arkansas, area. The company was formally established in Delaware in accordance with general corporation legislation on October 31, 1969.
It also owns and operates the retail warehouses for Sam’s Club. Walmart will operate 10,586 stores and clubs in 24 countries under 46 distinct names by October 31, 2022.