According to Reuters, only a few smaller shareholders remain to be convinced:
The board of Jasper Infotech, which runs Snapdeal, approved Flipkart’s bid of $900 million-$950 million last week, the sources who were familiar with the matter said, asking not to be named as the talks are private.
Two other sources said, however, that obstacles still remain and that the deal will need approval from smaller shareholders of Snapdeal before it gets finalized.
Japan’s Softbank, Snapdeal’s biggest investor, would own 20% in the new Flipkart-Snapdeal entity. Softbank has been the one pushing for a deal between Flipkart and Snapdeal.
Softbank recently lead a $2B round in Southeast Asian ridesharing service Grab and wants to invest in Uber too. (Softbank has already investments in several other ridesharing companies such as Lyft and others.)
Softbank has raised a $93 billion private equity fund to invest in tech companies, and brought Saudi Arabia, Apple, Foxconn and others for this on board.
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