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Ebay India And Flipkart Get Approval From CCI
Competition Commission of India (CCI) has approved Flipkart’s proposed acquisition of eBay India.
@CCI_India approves subscription by eBay Singapore of CCPS issued by Flipkart and acquisition of eBay India by Flipkart
— CCI (@CCI_India) June 15, 2017
According to the acquisition deal, Flipkart will get 100% share capital of eBay India and eBay Singapore will acquire certain compulsory convertible preference share (CCPS.) This proposed transaction is notifiable under Section 5 of the Competition Act 2002 which was submitted to the CCI this year.
eBay will invest $500 million in Flipkart and sell its Indian e-commerce business to the Bengaluru based company. Flipkart will own and operate eBay upon the close of the transaction as an independent entity.
Flipkart earlier raised $1.4 billion from Tencent, eBay and Microsoft at a valuation of $11.6 billion. They are also in talks to acquire Snapdeal, another homegrown e commerce startup. eBay and Flipkart have also agreed to pursue cross border trade opportunities and make eBay’s global inventory more accessible in India. Consumers on eBay will have access to the inventory provided by Flipkart.
The acquisition of eBay and Snapdeal will strengthen Flipkart’s foothold in the e commerce business. Flipkart has already acquired fashion e-commerce sites Jabong and Myntra in a fierce competition against e commerce giant Amazon.
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