US: Walmart in talks to buy Jet.com for $3 billion

Walmart has purchased Jet.com for approximately $3 billion, an e-commerce start-up, and will announce the acquisition formally on
Monday.

The retail giant is purchased Jet.com in an effort to increase its struggling online presence and compete with Amazon.com

Once finalized, the purchase will be the largest US e-commerce acquisition in history, according tot he Business Insider.

The one-year-old company is valued at the $3 billion-figure, according to the Wall Street Journal.

The acquisition could help boost the superstore’s online strategy as well as provide access to technology and supply-chain innovation.

Walmart will keep Jet as a separate brand but plans to tap into Jet’s bulk ordering strategy to grow its e-commerce business at a faster rate and reach more Millennial customers. Jet also appeals to a more affluent shopper than Walmart, with customers more likely to have annual incomes greater than $150,000, according to data from NPD Group.

Full Content: Daily Mail

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