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By Christina Cheddar Berk, CNBC

In a bid to juice its online business, Wal-Mart agreed Monday to acquire online retailer 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.

Residents shop at a Wal-Mart in Los Angeles, California.JONATHAN ALCORN / Reuters

"We believe the acquisition of Jet accelerates our progress across [our] priorities," said Doug McMillon, president and CEO of Wal-Mart Stores.

" 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 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.