TOKYO – SoftBank Group Corp (9984.T) said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart [IPO-FLPK.N] to Walmart Inc (WMT.N), the first public divestment by its Vision Fund.
Walmart said this month it will pay $16 billion for a stake of around 77 percent in Flipkart and there had been some uncertainty over whether the Japanese tech and investment giant would remain a shareholder.
SoftBank did not disclose terms of the sale but this month CEO Masayoshi Son said its investment in the Indian firm was worth around $4 billion. The Vision Fund invested invested $2.5 billion in Flipkart in August last year.
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