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Walmart finalises USD 3 bln acquisition of Jet

Tuesday 20 September 2016 | 10:00 AM CET

Walmart has concluded the acquisition of Jet after paying almost USD 3 billion for the ecommerce retailer in August 2016.

Walmart Chief Executive Doug McMillon announced the completition of the deal, which was waiting for regulatory approval, reports.

The acquisition will impact Walmart's 2017 FY earnings more than the retailer's initial estimate of a 5 cents per share impact as the transaction closed ahead of time.

The deal will give Walmart access to Jet's pricing software and will help the company to compete with its online rivals.

Jet, with its ability to lower prices as customers add more items to their shopping carts, will help Walmart reach more customers such as millennial shoppers. The deal would also strengthen Walmart's ecommerce infrastructure.

Jet's founder Marc Lore will join Walmart as the President and Chief Executive of Walmart's US ecommerce business and will report to McMillon, the company said in a separate statement.

More: Link