Wal-Mart bets on Jet.com to battle Amazon

$3.3 billion deal is retail giant's biggest in the US

8th August, 2016
Buy represents latest Wal-Mart e-commerce push Pic: Getty

US retail giant Wal-Mart has agreed to buy e-commerce startup Jet.com Inc. for about $3.3 billion, giving it the resources for a stronger shopping website to compete with market leader Amazon.com.

The deal includes $3 billion in cash and $300m in shares that will be paid over time, the world’s largest retailer said today in a statement. Acquiring Jet.com, which achieved $1 billion in sales in a little more than a year, gives Wal-Mart...

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