Amazon.com is set to snag a minority stake in India’s Future Retail, which operates more than 900 stores in India and owns several supermarket brands, including Big Bazaar.
In a regulatory filing late on Thursday, Future Retail said Amazon has agreed to acquire a 49 percnet stake in Future Coupons. That entity in turn owns a 7.3 percent interest in Future Retail, according to prior regulatory filings.
The companies did not disclose the value of the deal, which gives Amazon a 3.58 percent stake in the brick-and-mortar retailer, whose stores sell everything from clothes to fresh produce.
A source familiar with the matter told Reuters the transaction valued Future Retail at a “substantial premium” to its existing market price.
Future Retail’s market capitalization currently stands at $2.91 billion, pegging the value of a 3.58 percent stake in the company at more than $104 million.
Amazon and Future Retail declined to comment on the value of the transaction that remains subject to regulatory approval