Walmart has officially closed its deal to acquire Jet.com, the online marketplace attempting to give Amazon a run for its money.
The deal brings Walmart a new, more digitally savvy customer base and expands the U.S.’s largest retailer’s already formidable eCommerce presence.
Walmart officially announced the closing in an Instagram post on Sept. 19.
“Jet brings a unique approach and technology that puts customers in control of their experience, helping them find additional ways to save,” Walmart President and CEO Doug McMillon said in a statement. “Jet will help Walmart expand the ways we serve our current customers and reach new customers online.”
Walmart bought Jet for $3 billion in cash and an additional $300 million in Walmart shares, Although Walmart intends to keep Jet as a separate brand, the two companies will now comingle all their technology, talent and resources, which Walmart is banking on will make it an even bigger player in the eCommerce marketplace.
Jet’s founder and CEO, Marc Lore, will also be joining Walmart’s executive team, becoming the retailer’s EVP and president and CEO of the company’s eCommerce business in the U.S.
In that role, Lore will lead both Walmart.com and Jet.com and report directly to McMillon. Lore said the first thing he plans to tackle at his new job is scaling both Jet.com and Walmart.com.
“I’ll be spending a lot of time with the team in the coming weeks and months, building on our solid foundations,” Lore said in a statement. “Together, we will be stronger and move even faster to reimagine the future of shopping.”
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