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Walmart Seals Acquisition Deal With Online Retailer Jet.com

August 8, 2016: 12:00 AM EST
Walmart has inked a deal to buy fast-growing ecommerce retailer Jet.com for $3 billion in cash, both up front and over time, as well as $300 million in shares over time. The company says the acquisition brings numerous benefits, most significantly expanded customer reach and new capabilities that will mean faster ecommerce growth. Other benefits: Jet has proven it can scale with speed, having reached $1 billion in run-rate gross merchandise value and 12 million SKUs in its first year; 400,000 new shoppers are added to its customer base each month (especially urban shoppers and Millennials); and its technology rewards customers in real time with savings on items bought and shipped together, reducing supply-chain and logistics costs.
"Walmart Agrees to Acquire Jet.com, One of the Fastest Growing e-Commerce Companies in the U.S.", News release, Walmart, August 08, 2016, © Walmart Stores
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