US-based Wal-Mart Stores has completed the acquisition of online retailer Jet.com for $3.3bn.
Wal-Mart president and CEO Doug McMillon said: “We’re thrilled to welcome the Jet.com team to the Walmart family and excited to expand the ways we serve our current customers and reach new customers online.
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“Jet brings a unique approach and technology that puts customers in control of their experience, helping them find additional ways to save.”
With the completion of the deal, Jet.com founder and CEO Marc Lore has joined Wal-Mart’s leadership team, serving as executive vice-president at Wal-Mart, as well as the president and CEO of Wal-Mart eCommerce in the US.
He will lead both Walmart.com and Jet.com, and report to McMillon.
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Lore said: “I’ll be spending a lot of time with the team in the coming weeks and months focused on scaling Walmart.com and Jet.com, building on our solid foundations. Together we will be stronger and move even faster to reimagine the future of shopping.”
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By GlobalDataThe size of the deal was announced last month.
This deal will enable Wal-Mart to compete with online retailer Amazon.
Wal-Mart serves nearly 260 million customers each week.
It has more than 11,000 stores under 63 banners in 28 countries and e-commerce websites in 11 countries.
