Walmart has paid $1.4 billion to buy out hedge fund Tiger Global’s investment in e-commerce firm Flipkart, the Wall Street Journal reported on Sunday, citing a letter by the hedge-fund to its investors.
The transaction brings the value of the e-commerce firm to $35 billion from nearly $38 billion after it sold its shares to Japan’s SoftBank , U.S. retailer Walmart (NYSE:WMT) and other investors in 2021, the report said.
Walmart, Flipkart and Tiger Global did not immediately respond to Reuters’ request for comment.
Earlier this year the Economics Times reported that private equity firms Accel and Tiger Global, two early backers of Flipkart, were in talks to sell their remaining stake in the company to Walmart.
Tiger Global held about 4% of the company, according to the ET report.
Walmart acquired a majority stake of 77% in Flipkart for about $16 billion in 2018, and later that year said it could take the company public in four years.