In a bid to juice its online business, Wal-Mart agreed Monday to acquire online retailer Jet.com in a deal valued at about $3 billion, one of the largest-ever acquisitions of an e-commerce company.
The world's largest retailer said a portion of the $3 billion will be paid over time. Additionally, $300 million of Wal-Mart shares will be paid over time as part of the deal, the company said.
"We believe the acquisition of Jet accelerates our progress across [our] priorities," said Doug McMillon, president and CEO of Wal-Mart Stores.
"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."
Wal-Mart and Jet plan to maintain distinct brands, with Wal-Mart's website continuing to focus on emphasizing the company's "everyday low price" strategy, while Jet.com provides a curated experience.
Although Jet has been operating its site for only a little more than a year, it has already reached $1 billion in run-rate gross merchandise value.