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Accel, Tiger Global may sell $1.5 billion worth Flipkart shares to Walmart

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Reuters | | Posted by Ritu Maria Johny

Private equity firms Accel and Tiger Global, two early backers of Indian e-commerce firm Flipkart, are in talks to sell their remaining stake in the company to parent Walmart Inc for about $1.5 billion, the Economic Times reported on Thursday.

The stake, which collectively amounts to about 5%, would raise Walmart’s ownership in the e-commerce giant, the newspaper reported citing people familiar with the matter.

“They (Accel and Tiger) want to sell and exit now fully. The discussions are moving ahead and the transaction will close in due time,” a person familiar with the matter told ET.

Accel owns a little over 1% of Flipkart, while Tiger Global holds about 4% of the company, the report said.

Flipkart, Walmart and Tiger Global did not immediately respond to Reuters’ requests for comment. Accel could not be immediately reached for a comment.

Walmart acquired a majority stake in Flipkart for about $16 billion in 2018 – its biggest deal ever – and later that year said it could take the company public in four years.

In April last year, Reuters reported that Flipkart had internally raised its IPO valuation target by around a third to $60 billion-$70 billion, and plans a U.S. listing in 2023.

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Business

I say thumbs up to MP Materials

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RPC Inc: “I want you to hold [onto] it.”

Marvell Technology Inc: “You don’t want to buy until it reports. After it reports, we’re going to take a solid look at it. … If you do own it now, you’ll do just fine.”

Li Auto Inc: “Listen to [Tesla CEO] Elon Musk on the conference call. He likes the Chinese automakers. Who am I to go against the smartest man in the world?”

Jim Cramer’s Guide to Investing

Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.

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Strong earnings from Tesla and United Rentals helped market climb

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CNBC’s Jim Cramer said that Thursday’s rally is thanks to a batch of strong company earnings.

“I’ve said over and over again that during earnings season, what matters is companies and the CEOs with the smarts to direct them,” he said.

Stocks rose on Thursday as investors digested the latest batch of earnings and new gross domestic product data showing the U.S. economy grew by a higher-than-expected 2.9% in the fourth quarter.

Cramer said that contrary to what many might believe, the economic data didn’t drive the trading session’s rallies.

“That’s a classic misdirection play — just totally wrong. It’s stale. It doesn’t count. We’re in earnings season, for heaven’s sake,” he said, adding, “Stocks did well today because many of them delivered good numbers.”

He went over several examples of corporate news and earnings reports that fueled Thursday’s gains:

“It’s very confusing if you’re on permanent negative autopilot because you only pay attention to the [Federal Reserve]. If you watched the individual companies, these moves would be a lot less surprising,” Cramer said.

Jim Cramer’s Guide to Investing

Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.

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Intel, Visa, Hasbro and more

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The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022.

Arnd Wiegmann | Reuters

Check out the companies making headlines in after-hours trading.

Intel — Shares of Intel plunged 8.2% after the company reported earnings that missed on the top and bottom lines. The company reported adjusted earnings of 10 cents per share on $14.04 billion in revenue where analysts expected 20 cents per share on revenue of $14.46 billion, per Refinitiv. Intel also gave weak guidance, forecasting a net loss in the first quarter.  

Visa — Visa shares rose 1.5% after the company reported an earnings beat. The digital payments company reported adjusted earnings per share of $2.18 and $7.94 billion in revenue, more than Wall Street’s expectations of adjusted earnings of $2.01 per share and $7.70 billion in revenue, per Refinitiv.

Hasbro — Shares slid 7.8% after the toymaker announced it was cutting about 1,000 jobs, or 15% of its workforce. The company also warned of a weak fourth quarter.

KLA Corporation — Shares of KLA Corporation, a semiconductor manufacturer, shed 4.9% even though the company reported earnings that beat analysts’ expectations on the top and bottom lines, according to Refinitiv. The company gave a forward guidance that was weaker than expected for its fiscal third quarter, which weighed on shares.

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