Walmart reached a deal to acquire online retailer Jet.com, a deal that had been lingering for a few days but has now been officially announced. Walmart will pay 3.3 billion dollars (3 billion euro) to acquire the company.
Continue online growth
Walmart and Jet.com hope to finalize the deal this year, with a majority of the sum paid in cash, while 300 million dollars will be turned into Walmart shares.
Jet.com and Walmart will continue to operate as two separate entities, despite the acquisition. Walmart will focus on low prices, while Jet.com will target a more mainstream audience.
Marc Lore, Jet.com's CEO and co-founder, will also join Walmart, bringing a wealth of online experience to the company.
Walmart hopes Jet.com's acquisition will help continue the company's online growth. Currently, it trails Amazon as the largest online retailer in the United States, but its growth has slowed down a lot over the past few months.