Walmart is buying Jet.com for $3 billion (Recode)

Recode.com reported over the weekend that Amazon was buying Jet.com – the online retailer determined to compete with Amazon. That story has been expanded today.

“Walmart, the world’s largest retailer, announced it will acquire two-year-old online retailer Jet.com for $3.3 billion in cash and stock in the largest-ever acquisition of an e-commerce company.

Jet co-founder and CEO Marc Lore will continue to run Jet as well as Walmart’s U.S. e-commerce operations after the acquisition closes, according to sources. The deal includes $3 billion in cash, as well as $300 million in Walmart stock that will be paid out over time as part of an incentive bonus plan for Jet executives.”

Read the full details at the Recode.com website.

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