Snapdeal board approves Flipkart’s bid

(Reuters) — The board of Indian e-commerce firm Snapdeal has agreed to a deal with bigger rival Flipkart for up to $950 million, two sources said on Wednesday, bringing the two a step closer to forming a combine to challenge Amazon.com’s (AMZN.O) domestic growth.
The board of Jasper Infotech, which runs Snapdeal, approved Flipkart’s bid of $900 million-$950 million last week, the sources who were familiar with the matter said, asking not to be named as the talks are private.
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