Monday, August 8, 2016

Walmart purchases Jet.com for $3 billion

Posted By on Mon, Aug 8, 2016 at 7:57 AM

Walmart today announced what has been rumored since last week: the retail behemoth is purchasing e-commerce startup Jet.com for $3 billion (in addition$300 million of Walmart shares will be paid over time as part of the transaction). 

Doug McMillon, president and CEO, Wal-Mart Stores, Inc., said in a statement: 

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,”  “We believe the acquisition of Jet accelerates our progress across these priorities. 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. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.

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