Wal-Mart closes Jet.com deal
It’s official: Wal-Mart is ready to service a new online customer base.
Wal-Mart’s acquisition of Jet.com was finalized yesterday, a move that extends the chain’s already vast digital presence.
The retail behemoth acquired Jet for approximately $3 billion in cash, and $300 million of Walmart shares. While the two brands will operate independently, all technology and talent resources will be shared. Wal-Mart initially shared the news of its online coup on Instagram, according to a company statement.
“Jet brings a unique approach and technology that puts customers in control of their experience, helping them find additional ways to save,” said Wal-Mart's president and CEO Doug McMillon. “Jet will help Wal-Mart expand the ways we serve our current customers and reach new customers online.”
Marc Lore, founder and CEO of Jet.com, will join Wal-Mart’s leadership team. Taking on the role of EVP at Walmart, and president and CEO of Walmart e-commerce in the U.S., Lore will lead both Walmart.com and Jet.com. He will report directly to McMillon.
Lore will also hit the ground running. His first task: scaling Walmart.com and Jet.com.
“I’ll be spending a lot of time with the team in the coming weeks and months, building on our solid foundations,” he said. “Together, we will be stronger and move even faster to reimagine the future of shopping.”
To read Walmart¹s top five reasons for buying Jet.com click here.
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