Moving a step closer to the Snapdeal-Flipkart merger deal, Japan-based telecom and Internet giant SoftBank has got the nod from its co-investor Nexus Venture Partners (NVP) for sale of Snapdeal to India’s largest e-commerce firm.
“SoftBank Group has now reached an agreement with NVP to move ahead with the sale plan and the term sheet with Flipkart could be signed within this week or so, while the due diligence for the deal would commence immediately thereafter,” said the sources who are dealing with this matter.
SoftBank, the largest shareholder in Snapdeal, had secured a go-ahead from the founders and Kalaari last month. However, NVP was not in agreement over the valuation suggested by the Japanese firm and hectic parleys were held in the last few weeks to resolve the impasse.