Gunderson Dettmer Advises Flipkart in $16 Billion Deal, Making Walmart Inc. its Largest Shareholder
Gunderson Dettmer acted as international and M&A counsel to Flipkart in a deal that will make Walmart Inc. its largest shareholder. Subject to regulatory approval in India where the e-commerce company is based, Walmart will pay approximately $16 billion for an initial stake of approximately 77 percent in Flipkart. The remainder of the business will be held by Flipkart's existing shareholders, including co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp. The Gunderson Dettmer deal team was led by partner Steven Baglio, and included partner and Mergers and Acquisitions Chair Andrew Luh, partner Jonathan Pentzien, partner Mark Foster, partner and a leader of the IP & Tech Transactions group David Sharrow and special counsel John Olson. The firm has represented Flipkart since 2011.
Flipkart is one of India’s largest e-commerce marketplaces and includes group companies Flipkart, Myntra, Jabong, and PhonePe. Launched in 2007, Flipkart has enabled millions of customers, sellers, merchants, and small businesses to be a part of India's e-commerce revolution, offering over 80 million products across 80+ categories.
For further details, Walmart's press release can be seen here.