Fried Frank acted as counsel to J.P. Morgan Securities as financial advisor to Walmart in its US$16 billion acquisition of a 77% stake of Flipkart Group, making Walmart the largest shareholder. Flipkart has led India's eCommerce revolution through leveraging a powerful technology foundation, including artificial intelligence, and emerging as a leader in electronics, large appliances, mobile, and fashion and apparel. While the immediate focus will be on serving customers and growing the business, Walmart supports Flipkart's ambition to transition into a publicly-listed, majority-owned subsidiary in the future. The deal is subject to regulatory approval in India.
The Fried Frank team was led by partners Philip Richter and Scott B. Luftglass and included special counsel Brian A. Blitz.