India’s online retail giant Flipkart has made an offer that ranges between $900 to $950 million dollars to its indigenous rival Snapdeal in the bid to purchase it, claimed a source.
Although unwilling to be named, two persons closely associated with the deal affirmed that Flipkart has offered to pay the amount, which amounts to nearly Rs 5500 crores, for the purpose of grabbing Snapdeal’s online marketplace and Unicommerce.
The anonymous source however clearly mentioned that the officials are still investigating several aspects of the deal before it finally gets confirmed.
However, this is not the first attempt of Flipkart, a Bengaluru-based company, to take over Snapdeal which is based in the country’s capital, Delhi. Previously, it was reported that the former offered $800-850 million dollars but the latter rejected it.
If the board of Snapdeal accepts this offer, it will have to negotiate a sale and purchase agreement (SPA) with Flipkart.
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