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 board of Flipkart Online Services Pvt has approved an agreement to sell about 75% of the company to a Walmart Inc.-led group for approximately $15 billion, said a report by Hindustan Times.

SoftBank will sell its 20%+ stake as part of the transaction, while Google-parent Alphabet is likely to participate in the investment.

Under the proposed deal, SoftBank will sell its 20%+ stake as part of the transaction through an investment fund at a valuation of roughly $20 billion, while Google-parent Alphabet is likely to participate in the investment, said the report citing people privy to this development at Flipkart. The deal is expected to close within 10 days, though terms could still change and a deal isn’t certain.

An another report by FactorDaily states that Walmart will spend at least $14.6 billion in cash, with the rest expected to be in the form of stock.

Additionally, Walmart has stated that it intends to sell shares in Flipkart in the form of an IPO in three years.

Kalyan Krishnamurthy is expected to stay on as CEO of Flipkart post the deal, while co-founder Sachin Bansal is expected to exit the company in all capacities including his seat on the board of directors after the takeover. Flipkart’s other co-founder Binny Bansal, who isn’t related to Sachin Bansal, could remain on in some capacity as Walmart is said to be keen on retaining only one of them.

That would seal a Walmart triumph over Amazon.com Inc., which has been trying to take control of Flipkart with a competing offer. Flipkart’s board ultimately decided a deal with Walmart is more likely to win regulatory approval because Amazon is the No. 2 e-commerce operator in India behind Flipkart and its primary competitor. Amazon is out of the running unless Walmart hits unforeseen trouble.

If completed, the deal will give Bentonville, Arkansas-based Walmart a leading position in the growing market of 1.3 billion people and a chance to rebuild its reputation online. The world’s largest retailer has struggled against Amazon as consumers increase their spending on the internet. India is the next big potential prize after the US and China, where foreign retailers have made little progress against Alibaba Group Holding Ltd.

SoftBank declined to comment. Flipkart, Walmart and Google didn’t immediately respond to requests for comment.

Amazon has already been aggressively expanding in the country on its own. Founder Jeff Bezos has committed $5.5 billion to the country and his local chief, Amit Agarwal, has made progress by adapting the site to local conditions.

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