Walmart Seals Acquisition Deal With Online Retailer Jet.com

Walmart has inked a deal to buy fast-growing ecommerce retailer Jet.com for $3 billion in cash, both up front and over time, as well as $300 million in shares over time. The company says the acquisition brings numerous benefits, most significantly expanded customer reach and new capabilities that will mean faster ecommerce growth. Other benefits: Jet has proven it can scale with speed, having reached $1 billion in run-rate gross merchandise value and 12 million SKUs in its first year; 400,000 new shoppers are added to its customer base each month (especially urban shoppers and Millennials); and its technology rewards customers in real time with savings on items bought and shipped together, reducing supply-chain and logistics costs.