As part of the deal approved by the boards of Directors of both companies, Walmart said in a statement. Jet.com it would give the Company $ 3 billion in cash and $ 300 million worth of stock.
Walmart Chief Executive Officer (CEO) Doug McMillon said they are looking for new ways to lower prices, expand product diversity and simplify the shopping experience, noting that their customers want it too.
McMillon, Jet.com he stressed that their acquisition would accelerate Walmart's growth. Analysts see the deal as a move by Walmart to reach the volume of sales that e-commerce giant Amazon is making with internet and mobile apps and to become more competitive in the market.
While Walmart generated $ 428 billion in revenue last year, only $ 14 billion of that had come from sales from the internet and mobile apps. E-commerce giant Amazon's revenue last year was $ 107 billion.