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SAM and Co. Advises Walmart on Acquisition of Majority Stake in Flipkart for USD 16 Billion

Shardul Amarchand Mangaldas and Co. (SAM & Co.) advised Walmart on its acquisition of majority stake in India’s largest online retailer Flipkart Ltd. For USD 16 billion deal. Walmart’s investment includes $2 billion in new equity funding. The deal values Flipkart at USD 20.8 billion.

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The General Corporate, Competition Law, Banking and Finance, IPR and Tax Practices of Shardul Amarchand Mangaldas advised on the transaction. The SAM & Co. The team was led by Pallavi Shroff, Managing Partner, Shardul Amarchand Mangaldas.

The M&A Transaction team was led by Raghubir Menon, Regional Practice Head – Mumbai, M&A and PE, GC; and key Partners involved in the transaction were Ekta Gupta, Puja Sondhi, Natashaa Shroff, Abhishek Guha, Aayush Kapoor, and Siddharth Nair. Shilpa Mankar Ahluwalia, Partner; and Shubhangi Garg, Partner; provided General Corporate advisory.

The Competition Law Practice team was led by Shweta Shroff Chopra, Partner.

The Tax Practice team was led by Amit Singhania, Partner.

The IPR Team was led by Mukul Baveja, Partner.

As a part of the transaction, an affiliate of Walmart will acquire 77 percent stake in the Singapore based holding firm of Flipkart. The remainder of the business will be held by Flipkart’s existing holders, including co-founder Binny Bansal, Tencent Holdings, Tiger Global Management and Microsoft, who comes in as Walmart’s technology partner.

Others advisors to the transaction were J.P. Morgan Securities LLC and Barclays (financial advisor for Walmart); Hogan Lovells, and Gibson, Dunn and Crutcher LLP (outside counsel to Walmart) Goldman Sachs and Co. LLC (exclusive financial advisor to Flipkart); Gunderson Dettmer LLP, Khaitan and Co., Allen and Gledhill LLP and Dentons Rodyk and Davidson LLP (legal counsel to Flipkart)

The deal was signed on 9 May 2018 and is subject to regulatory approvals.

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