SoftBank on Wednesday confirmed that it would sell its entire stake of almost 20% in e-commerce company Flipkart to the U.S.-retail giant Walmart.
The Japanese conglomerate had invested $2.5 billion in Flipkart last year through its $100 billion technology-focused Vision Fund.
“SoftBank confirms the sale of its entire stake in Flipkart to Walmart,” said SoftBank spokesperson, in response to an email query.
Though the spokesperson did not give the financial details of the transaction, the company is expecting returns of around $4 billion, according to sources. This month SoftBank CEO Masayoshi Son said the investment has almost doubled, during a post-earnings conference call.
The sale is part of the deal announced by Walmart this month where it would pay $16 billion for an initial stake of approximately 77% in Flipkart. The deal had valued Flipkart for over $20 billion, according to sources.
