The Flipkart and Snapdeal merging deal, for which many business people are waiting is, at last, coming to an end after many rumors. India’s e-commerce tycoon Flipkart has proposed an informal offer of $1 billion to acquire Snapdeal.
People having knowledge of the deal say, “The Flipkart’s offer to Snapdeal is a non-binding one, in (the) coming few days a proper formal sheet will be signed over after careful and persistent discussions.”
This deal is similar to Paytm – Freecharge’s merging deal yesterday.
The board of directors of Jasper Infotech, the parent company of Snapdeal, has moved forward by agreeing to sell the company to Flipkart. SoftBank, the biggest investor of Snapdeal succeeded in convincing the Snapdeal’s Co-Founders, Kunal Bahl and Rohit Bansal, and other minor investors Kalaari and Nexus to sell the company to Flipkart.
SoftBank put forward a proposal to give $60 million and $30 million to the early investors Nexus and Kalaari, Kunal Bahl and Rohit are offered $15 million each. This deal also lets Snapdeal’s employees stay in the company for at least a year.
The deal has been pending for last few months because of the difference of opinions among the investors of Snapdeal.
Initially, the Japanese multinational telecommunications and internet company, SoftBank which has over 33% stake in Snapdeal has proposed to buy all the stakes of other investors to buy the company for Flipkart.
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