Wal-Mart completes acquisition of Jet.com
Source: Reuters
Wal-Mart Stores Inc (WMT.N) on Monday said it has completed the acquisition of internet retailer Jet.com after agreeing to pay about $3 billion for the e-commerce startup last month.
The acquisition will impact Wal-Mart's 2017 fiscal year earnings marginally more than the retailer's initial estimate of a 5 cents per share impact as the transaction closed ahead of time, Wal-Mart said.
The deal, which was the largest for an online startup, will give Wal-Mart access to Jet.com's innovative pricing software and will help the Bentonville, Arkansas-based retailer to better compete with online rival Amazon.com Inc (AMZN.O).
"A lot of folks ask me 'Why Jet.com?," McMillon said in a blog post. The answer he said was in the savings both Wal-Mart and Jet can together offer shoppers.
Read more: http://mobile.reuters.com/article/idUSKCN11P27U
C Moon
(12,188 posts)Say good-bye to 50% of the Jet.com jobs.
Marthe48
(16,688 posts)as soon as I heard they acquired Jet, I crossed it off my list. I was buying from Jet, because they had some things I needed, but I can get them somewhere else if I have to get more.