Walmart bought New York-based hedge fund Tiger Global's remaining shares in Flipkart, the paper reported, citing a letter sent by Tiger to its investors. The transaction valued Flipkart at $35B, down from the almost $38B attached by Tiger to the company in 2021. Meanwhile, Walmart also bought out private equity firm Accel's remaining 1% stake in Flipkart, the Economic Times newspaper reported, although the size of the purchase was unknown. Walmart paid $16B more than five years ago for an initial 77% stake in Flipkart, a wide-ranging business catering to more than 450 million customers. A Walmart spokesperson told Reuters Monday that shares in Flipkart were bought from Tiger Global and some other investors, but declined to give more details.

Source: Wall Street Journal July 31, 2023 16:29 UTC