Wal-Mart in Talks to Buy Online Retailer Jet.com

  • ---Shares

Wal-Mart Stores Inc. is in talks to buy online retailer Jet.com, The Wall Street Journal reported on Wednesday, citing people familiar with the matter.

It was not clear how much Wal-Mart would pay, but Jet.com could be worth as much as $3 billion, the WSJ said.

Wal-Mart declined to comment. Jet.com, considered a formidable competitor to Amazon.com Inc., was not available for comment.

Wal-Mart is investing heavily in its online business to take on Amazon, but it has struggled on that front.

The retailer's online business posted its slowest growth in a year in the latest quarter. Wal-Mart's online sales were $13.7 billion in 2015, according to research firm Internet Retailer.

Marc Lore launched Jet.com in July last year, promising big discounts in exchange for members placing large orders and paying an annual fee.

Lore in 2010 sold his diapers-to-soap ecommerce firm Quidsi to Amazon for $540 million.

Wal-Mart shares, which were marginally higher earlier, were off 0.2 percent at $72.96 in late morning trading.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D'Souza)

Latest News and Headlines from Reuters

Next Article:
Walmart Punishes Employees for Taking Si...
OK

This website uses cookies to allow us to see how our website and related online services are being used. By continuing to use this website, you consent to our cookie collection. More information about how we collect cookies is found here.