Snapdeal accepts Flipkart’s revised acquisition offer of around USD 950 million

  • Snapdeal accepts Flipkart’s revised acquisition offer of around USD 950 million
26-07-2017 | Pratidin Bureau. |

Indian e-commerce Company Snapdeal has finally agreed to sell its online business to Flipkart following the latter's revised takeover offer of USD 900-950 million made last week, according to sources.

With the board’s approval in place, consent of the shareholders of Snapdeal will now be required to okay the merger deal with the country's largest e-commerce firm Flipkart. The deal though doesn’t include its subsidiaries like FreeCharge, Vulcan Express and Unicommerce.

Snapdeal and Flipkart board are expected to meet this week to sign the Term Sheet and finalize the deal. Upon completion of agreement within the next 3 months, Snapdeal’s major stakeholder SoftBank is expected to hold 20 % in the combined entity. Flipkart is also likely to retain Snapdeal’s brand name in the initial stages.

Previously, Snapdeal board rejected an offer of around USD 850 mn citing the takeover price as not enough to come into an agreement and crack the deal.

Tags : Snapdeal Flipkart Softbank takeover acquisition offer E-commerce


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