Ending Soon! Save 33% on All Access

Wal-Mart in Talks to Buy Online Retailer Jet.com It was not clear how much Wal-Mart would pay, but Jet.com could be worth as much as $3 billion.

By Reuters

This story originally appeared on Reuters

Ken Wolter / Shutterstock

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)

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Travel

Gift Business Travel Stories with Autio for $150 Through Memorial Day

This platform features more than 23,000 location-based audio stories, which make for great travel content.

Business News

Apple iPhone 7 Users May Be Owed a Slice of a $35 Million Settlement — Here's How to Claim Your Share

Previous (and current, no judgment) iPhone 7 users may be entitled to up to $349. The deadline to file a claim is June 3.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Travel

Save on Business Travel for Life This Memorial Day with an $80 Deal

OneAir Elite uses AI to search the web around the clock for flight deals.