A portion of the amount will be paid over time. Additionally, $300m of Walmart shares will be paid over time as part of the transaction.
The acquisition will enhance Walmart’s capabilities to serve customers across the Walmart app, site and stores and position the company for e-commerce growth.
Led by co-founders Marc Lore, CEO, Mike Hanrahan and Nate Faust, Jet is an e-commerce company which has a growing customer base of urban and millennial customers with more than 400,000 new shoppers added monthly and an average of 25,000 daily processed orders, technology that rewards customers in real time with savings on items that are bought and shipped together, and a select group of more than 2,400 retailer and brand partners.
Walmart and Jet will maintain distinct brands, with Walmart.com focusing on delivering the company’s Everyday Low Price strategy, while Jet will continue to provide a differentiated customer experience with curated assortment.