Walmart Stores, Inc has announced its decision to acquire Jet.com, Inc. – one of the fastest growing and most innovative e-commerce companies in the US – for approximately $3 billion in addition to $300 million Walmart shares to be paid over time as part of the agreement.
The acquisition, which is subject to regulatory approval, has been approved by the boards of directors for both companies and is expected to close this calendar year.
Walmart’s acquisition of Jet.com will further boost its e-commerce growth by expanding customer reach and adding new capabilities
“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” says Walmart Stores, Inc president & CEO Doug McMillon. “We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”
“We started Jet with the vision of creating a new shopping experience,” adds Jet.com co-founder and CEO Marc Lore. “Today, I couldn’t be more excited that we will be joining with Walmart to help fuel the realisation of that vision. The combination of Walmart’s retail expertise, purchasing scale, sourcing capabilities, distribution footprint and digital assets – together with the team, technology and business we have built here at Jet – will allow us to deliver more value to customers.”