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Wal-Mart Stores has signed an agreement to acquire US-based retailer for approximately $3bn.

The acquisition will provide Walmart with new ideas, and build on and complement the company’s foundation to serve customers across its app, site and stores.

Wal-Mart Stores president and CEO Doug McMillon said: “We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want.

“ will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win.”

"We’ll enable the Jet brand to be even more successful in a shorter period of time."

Jet has reached $1bn in run-rate gross merchandise value (GMV) and offered 12 million SKUs in its first year. It added monthly and an average of 25,000 daily processed orders.

Jet co-founder and CEO Marc Lore said: “We started Jet with the vision of creating a new shopping experience.

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“The combination of Walmart’s retail expertise, purchasing scale, sourcing capabilities, distribution footprint, and digital assets, together with the team, technology and business we have built here at Jet, will allow us to deliver more value to customers.”

Walmart will focus on delivering the company’s everyday low-price strategy, while Jet will continue to provide a new customer experience.

As part of the collaboration, the companies will also leverage their technology solutions and develop new offerings for customers.

Subject to regulatory approval, the acquisition is expected to close this year.

Image: Exterior of the Walmart location at Fallbrook Square in West Hills, San Fernando Valley, Los Angeles, California, US. Photo: courtesy of Wt90401 via Wikipedia.