Walmart Says It Has Finalized Purchase Of Jet.com

Wal-Mart Stores, Inc., said it has completed its acquisition of online retailer Jet.com, Inc., after the expiration of the federally mandated waiting period. Expected to help the retail giant accelerate its e-commerce expansion efforts, the purchase deal was valued at approximately $3 billion cash and $300 million in Walmart shares. As part of the deal, Jet.com founder and CEO Marc Lore joins Walmart as EVP and president and CEO of Walmart eCommerce in the US.