Walmart Stores and Jet.com, today announced they have entered into a definitive agreement for Walmart to acquire Jet for approximately $3 billion in cash .
Jet.com, an online store that sells a wide range of products like groceries, books, jewelry and appliances, agreed to sell itself to Walmart Stores for $3.3 billion.
The deal incorporates $3 billion to be paid to Jet.com stakeholders in cash, a portion of that to be distributed over time, while $300 million will be paid in Walmart stock over time, according to a statement released by the companies on Monday.
“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,” said Doug McMillon, president and CEO, Walmart Stores, Inc.
“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,” Mr. McMillon said. “It’s another jolt of entrepreneurial spirit being injected into Walmart.”