US retail giant Walmart, which signed an agreement in May this year to acquire 77 per cent stake in Flipkart, expects to close the deal before the end of 2018. The ongoing operations of Flipkart are expected to negatively affect its net income in fiscal 2019, Walmart said in a regulatory filing with the US Securities and Exchange Commission (SEC).
" We intend to fund the acquisition of Flipkart with a combination of newly issued debt and cash on hand," a news agency report said quoting the regulatory filing.US retail giant Walmart, which signed an agreement in May this year to acquire 77 per cent stake in Flipkart, expects to close the deal before the end of 2018. The ongoing operations of Flipkart are expected to negatively affect its net income in fiscal 2019, Walmart said in a regulatory filing with the US Securities and Exchange Commission (SEC).#
Walmart president, CEO and director Douglas McMillon justified the acquisition at an investors meet recently saying, this is a unique opportunity and the acquisition of Flipkart was a ‘bold bet’. (DS)
ALCHEMPro News Desk – India
marketing@alchempro.com
