Flipkart’s key shareholders are keen to continue negotiations with Amazon until a deal is finalized with either of the two firms. A deal between Walmart and Flipkart is more likely because a potential alliance between Amazon and Flipkart would almost certainly attract the attention of India’s anti-trust regulator. Walmart is in advanced talks to buy more than 55% of Flipkart through a mix of primary and secondary share purchases. While the primary transaction is estimated to value Flipkart at $20-21 billion, the secondary share deal could happen at a price that is 20-25% lower.