Flipkart-eBay India deal gets CCI nod

Editor | Sep 15, 2020

Ecommerce major Flipkart’s proposed acquisition of eBay India has received approval from the Competition Commission.

Besides, the fair trade regulator has given nod to eBay Singapores subscription of compulsorily convertible preference shares (CCPS) issued by Flipkart.

In a tweet, the Competition Commission of India (CCI) said that it has approved “subscription by eBay Singapore of CCPS issued by Flipkart and acquisition of eBay India by Flipkart”.

As per the notice submitted to the regulator, the transaction relates to the acquisition of 100 per cent share capital of eBay India by Bangalore based ecommerce firm Flipkart.

The transaction also involves the acquisition of certain compulsorily convertible preference shares of Flipkart by eBay Singapore, as per the notice.

Earlier this year, Flipkart had raised USD 1.4 billion from Tencent Holdings, Microsoft Corp and eBay Inc.

eBay will invest USD 500 million in Flipkart as the two firms will merge their operations in the country. As part of the deal, Flipkart will own and operate eBays business in India.

“eBay and Flipkart have also entered into an exclusive agreement in which they will jointly pursue cross-border trade opportunities to make eBays global inventory accessible to more India consumers,” eBay had said in April.

Flipkart will continue to operate eBay.in as an independent entity.

Source: India Today

About Author

Editor

Editor


Leave a Comment


About Us Contact US Advertise with Us

© Copyright 2020 IndianOnlineSeller.com | All rights reserved.

"Amazon, Amazon Prime, the Amazon logo and Amazon Prime logo are trademarks of Amazon.com, Inc. or its affiliates". AS AN AMAZON ASSOCIATE, WE EARN AFFILIATE COMMISSIONS FROM QUALIFYING PURCHASES.