Wal-Mart Stores is holding negotiations to acquire online discount retailer Jet.com, as part of its strategy to compete with Amazon.

This purchase will enable Wal-Mart to enhance its e-commerce efforts as it aims to go beyond its offline stores and access online channels to achieve fast-paced growth.

The financial details about the acquisition have not yet been disclosed, but a source familiar with the matter told The Wall Street Journal that it could be worth up to $3bn.

"This purchase will enable Wal-Mart to enhance its e-commerce efforts."

If the deal proceeds, it will be Wal-Mart’s largest purchase after the acquisition of South Africa-based Massmart Holdings for $2.3bn in 2010.

The company's online sales has almost reached $14bn, which is only 3% of its total annual revenue of $482bn during the last fiscal year.

It has committed to invest $2bn to boost online sales and offer a two-day free shipping service in order to compete with Amazon Prime.

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