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Snapdeal approves Flipkart’s revised $900-$950 million takeover, said sources

Mumbai: The board of Indian e-commerce market Snapdeal has accepted Flipkart’s revised takeover offer of $900-$950 million last week, two sources familiar with the matter said on Wednesday. Snapdeal had earlier declined Flipkarts offer of $850 million.

Shareholders of Snapdeal will now have to approve the deal, sources told Reuters on condition of anonymity as the discussions are not yet public, reports GN.

Snapdeal and Flipkart were not immediately available for comment. Flipkart which is headquartered at Bengaluru had revised its initial offer for Snapdeal to up to $950 million.

Japan’s solar-to-tech conglomerate SoftBank, Snapdeal’s biggest investor, is keen to consummate the deal and take an equity stake in Flipkart to profit from India’s online retail market.