Walmart WMT.N has paid $1.4 billion to buy out hedge fund Tiger Global's investment in e-commerce firm Flipkart, the Wall Street Journal reported on Sunday (30 July), citing a letter by the hedge fund to its investors.
A Walmart spokesperson confirmed the transaction in an emailed response to Reuters but did not comment on the financial details of the deal.
The transaction will value the e-commerce firm at $35 billion, the WSJ report said.
"We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested," the Walmart spokesperson said.
Tiger Global did not immediately respond to Reuters' request for comment.
Earlier this year, the Economics Times reported that private equity firms Accel and Tiger Global, two early backers of Flipkart, were in talks to sell their remaining stake in the company to Walmart.
Tiger Global held about 4% of the company, according to the ET report.
Walmart acquired a majority stake of 77% in Flipkart for about $16 billion in 2018, and later that year said it could take the company public in four years.
Walmart buys out $1.4 bln Tiger Global stake in India's Flipkart - WSJ
