Snapdeal Finally Accepts Flipkart’s Offer to Merge for $950 Mn
After weeks of speculation, the Snapdeal-Flipkart merger is now official, sources say.
After dragging their feet a great deal on the imminent take-over, Snapdeal has accepted Flipkart's revised offer of up to $950 million, sources told Reuters on 26 July.
Both Snapdeal and Flipkart were unavailable for corroboration. Snapdeal's parent company Jasper Infotech reportedly approved of Flipkart's bid last week, and the deal is now pending with Snapdeal's shareholders.
Snapdeal's biggest Japanese investor SoftBank is particularly keen to complete the deal, which it views as the gateway to India's growing online retail market.
India's online retail market is currently in midst of a battle between US online giant Amazon and indigenous native Flipkart, both of which are vying for the attention of the country's increasingly e-retail-dependent population through billion dollar sales and other marketing gimmicks.
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