BENTONVILLE, Ark. – (September 19, 2016) Wal-Mart Stores, Inc. (WMT: NYSE) today announced completion of the company’s acquisition of Jet.com, Inc., following expiration of the waiting period under federal regulations. The news was initially shared on Instagram by Walmart President and CEO Doug McMillon.
As previously disclosed, Walmart acquired Jet.com for approximately $3 billion in cash, a portion of which will be paid over time, and $300 million of Walmart shares, all of which willbe paid over time. The deal builds on Walmart’s strong e-commerce foundation and is intended to help accelerate growth and deliver a seamless shopping experience for customers. Walmart.com and Jet.com will operate as separate brands, while leveraging technology and talent across both entities.
“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,” McMillon said. “Jet brings a unique approach and technology that puts customers in control of their experience, helping them find additional ways to save.”
With the close of the deal, Marc Lore, founder and CEO of Jet.com, now joins Walmart’s leadership team, serving as executive vice president at Walmart and president and CEO of Walmart eCommerce in the U.S. He will lead both Walmart.com and Jet.com, reporting to McMillon.
“I can’t wait to jump in and get started,” Lore said. “I’ll be spending a lot of time with the team in the coming weeks and months focused on scaling Walmart.com and Jet.com, building on our solid foundations. Together we will be stronger and move even faster to reimagine the future of shopping.”
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