Wal-Mart to expand its repertoire with Jet acquisition
Wal-Mart Stores Inc. is set to acquire Jet.com Inc. for $3 billion cash, plus $300 million in Walmart shares.
The deal is subject to regulatory approval, but will allow Walmart to strengthen its foothold with its app and site as well as in stores, positioning it for quicker e-commerce growth in future.
Jet is one of the fastest-growing and best-trusted e-commerce companies in the US. It will bring fresh ideas to Walmart, and a younger clientele.
Walmart and Jet will remain their own individual brands, leveraging combined technology solutions to help save customers time and money.
Doug McMillon, President and CEO of Wal-Mart Stores, said: “We’re looking for ways to lower prices, broaden our assortment, and offer the simplest, easier shopping experience, because that’s what our customers want.
“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.”
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