Wal-Mart to buy Jet.com
Posted on: 09/Aug/2016 10:17:54 AM
Jet.com will be bought over by Wal-Mart. Jet.com is one of the fastest growing online retail newcomers. The company was launched a year ago, announcing that it will be challenging online retail leader Amazon. Wal-Mart will buy Jet.com by paying USD 3 billion in cash and another USD 300 million in stock.
Reports and experts feel that the deal announced Monday underscores how serious Wal-Mart is about igniting its online business, which has been slowing even as it has been making big investments in new distribution centers and expanding services. Buying Jet.com would let Wal-Mart compete more effectively with Amazon.com and other online retailers.
The deal follows a series of acquisitions by major traditional retailers of online startups in an extremely competitive landscape.
