Photo: APBengaluru: In October, less than two months after Flipkart had agreed to a $2.5 billion investment deal with SoftBank Group Corp., top executives from the American retail giant Walmart reached out to Flipkart. Walmart had held early talks with Flipkart even in late 2016, but at that time, Flipkart executives weren’t convinced that Walmart was serious about investing in the company. For one, Tiger Global Management partner Lee Fixel, Flipkart’s most influential shareholder and board member, had been in touch with Walmart executives for months before Walmart finally reached out to Flipkart. In December, top Walmart executives including CEO Doug McMillon, M&A head Emily McNeal and international CEO Judith McKenna visited Flipkart in Bengaluru. As it became clear that Walmart was serious about pursuing a deal, Flipkart hired Goldman Sachs as its investment banker to explore rival offers.

Source: Mint May 09, 2018 18:00 UTC