Walmart buys a controlling share in India’s Flipkart

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Rumors have circulated for a number of weeks, but now it’s official: Walmart has just said it will spend $16 billion buying a controlling sharing in Flipkart, the Indian ecommerce site. The American retail giant fought off a last-minute bid from Amazon. The deal values Flipkart at $20.8 billion, and will see Walmart taking an initial stake of 77 percent of the company. The remainder of Flipkart ownership is shared between Tencent, Tiger Global and Microsoft, as well as its co-founder Binny Bansal. See also: com now redirects to Amazon and the company’s new Wag pet brand Amazon now offers…

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