Walmart about to buy jet.com for 3.3 billion dollar

in #walmart • 8 years ago

Walmart has been continuously struggling to compete against online retailers

Walmart announced plans to buy e-commerce site jet.com for 3.3 billion dollar in a move that could help boost its online retail sales.

Jet.com has soared in the e-commerce space since it launched in 2015, undercutting some of Amazon's prices

"We are looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that's what our customers want, We believe the acquisition of Jet accelerates our progress across these priorities" said Mr McMillon.

Walmart pay 3 billion in cash and 300 million in stock. Walmart and Jet.com will remain separate companies, but will co-operate technically.

#jet #merger #amazon
8 years ago in #walmart by
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