August 8, 2016

Walmart is Buying Jet.com for $3 Billion

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Quietly over the weekend, Walmart, the world’s largest retailer, announced it will acquire online retailer Jet.com for $3.3 billion in cash and stock in the largest-ever acquisition of an e-commerce company. The purchase marks a giant bet on a largely unproven startup that only launched its shopping site widely last July, and is also an acknowledgement by Walmart CEO Doug McMillon that his company needs outside help if it’s ever going to close the giant gap with Amazon.

Not bad for two years' work.

Topics: eCommerce, Vertical - Retail, Technology

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