Walmart to buy Jet.com for $3bn

Wal-Mart Stores has entered into an agreement to buy e-commerce group Jet.com for approximately $3bn in cash.

As part of the deal, which has been approved by the boards of directors of both companies, a portion of the cash will be paid over time, along with $300m of Walmart shares.

Walmart’s president and chief executive officer Doug McMillon said: “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.”

Walmart and Jet will maintain distinct brands, with Walmart.com focusing on delivering the company’s Everyday Low Price strategy, while Jet continues to provide "a unique and differentiated customer experience with curated assortment".

The deal is expected to close by the end of this calendar year.