From CNET: Walmart hopes its acquisition of startup Jet.com takes its own online presence to new heights.
The retail giant said on Monday that it had acquired Jet.com for a stock and cash deal worth $3 billion.
The deal underscores the competitive nature of the online retail business, where Amazon dominates and Walmart -- the largest brick-and-mortar retail in the US -- plays second fiddle. Walmart hopes Jet.com, which saw early hype as a possible "Amazon-killer," will potentially even the playing field.
"Walmart.com 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," WalMart CEO Doug McMillon said in a statement.
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