Walmart has completed the acquisition of Jet.com, for a previously-announced price of $3.3bn in cash and shares.
The deal aims at helping expand Walmart’s online presence and bring in new customers. Doug McMillon, CEO of Walmart, noted: “We’re thrilled to welcome the Jet.com team to the Walmart family and excited to expand the ways we serve our current customers and reach new customers online. Jet brings a unique approach and technology that puts customers in control of their experience, helping them find additional ways to save.”
Walmart.com and Jet.com will operate as separate brands, while making joint use of technology and staff. Marc Lore, founder and CEO of Jet.com, becomes Executive VP and President and CEO of Walmart eCommerce in the US. He will lead both Walmart.com and Jet.com, reporting to McMillon.