AP NEWS

The Latest: Softbank chief confirms deal to sell Flipkart

May 9, 2018

TOKYO (AP) — The Latest on Softbank’s plan to sell its stake in India’s Flipkart to U.S. retail giant Walmart (all times local):

6:00 p.m.

The head of Japanese technology company SoftBank Group Corp. says it has reached an agreement to sell its stake in Indian e-commerce company Flipkart to Walmart.

Softbank founder and CEO Masayoshi Son did not give details in confirming the agreement while discussing the company’s quarterly results on Wednesday.

SoftBank also plans to give up some of its stake in U.S. wireless company Sprint, under a $26.5 billion merger deal that will combine it with T-Mobile.

5:15 p.m.

Japanese technology company SoftBank Group Corp. says its quarterly profit fell but says its fortunes will change dramatically if reported deals come through.

SoftBank founder and Chief Executive SoftBank said Wednesday an agreement was reached overnight to sell its stake in Indian e-commerce company Flipkart to U.S. retailer giant Walmart. He did not give details, but said he was doubling his initial investment with the sale. An official announcement is coming soon, he said.

In a separate deal, already announced but awaiting U.S. regulatory approval, SoftBank plans to give up some of its stake in U.S. wireless company Sprint, under a $26.5 billion merger deal that will combine it with T-Mobile.