Walmart buys controlling stake in India's Flipkart for $16b

Photo: Reuters

Walmart Inc will pay $16 billion for a roughly 77 percent stake in Indian e-commerce firm Flipkart, the U.S. retailer’s largest-ever deal, in an attempt to compete with rival Amazon.com Inc in a key growth market.

Shares of Walmart fell 4 percent in early trade as the company warned the deal would dent earnings. It expects the transaction to hurt fiscal 2019 earnings per share by 25 cents to 30 cents if the deal closes before the end of the second quarter.

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