Walmart Completes $3 Billion Acquisition of Jet.com

walmartOn Monday, Wal-Mart Stores Inc (NYSE: WMT) announced the completion of its acquisition of Jet.com Inc, the proprietor of Jet.com, of course. This follows the expiration of the federal waiting period. The news was actually first disclosed on Instagram by Walmart President and CEO Doug McMillon.

At the time, McMillon shared that Walmart had acquired Jet.com for nearly $3 billion in cash. This amount would be paid over an as yet to be determined amount of time; and was in addition to $300 million in Walmart shares. Walmart aims for this acquisition to help build the company’s growing e-commerce presence and should help the company to accelerate growth and deliver what they hope to be a seamless shopping experience for all customers.

In response to the move, McMillon comments, “We’re thrilled to welcome the Jet.com team to the Walmart family and excited to expand the ways we serve our current customers and reach new customers online. Jet brings a unique approach and technology that puts customers in control of their experience, helping them find additional ways to save.”

And with the close of this deal, Jet.com founder and CEO Marc Lore will join the Walmart leadership team, serving in the position of executive vice president at Walmart as well as president and CEO of Walmart eCommerce (in the U.S.). While both companies will remain seperate online entities, Lore will lead both Walmart.com and Jet.com, and report directly to McMillon.

Lore acknowledges, “I can’t wait to jump in and get started. I’ll be spending a lot of time with the team in the coming weeks and months focused on scaling Walmart.com and Jet.com, building on our solid foundations. Together we will be stronger and move even faster to reimagine the future of shopping.”

Wal-Mart, of course, is a major discount retail store that serves approximately 260 million customers every week through 11,527 stores under 63 banners accros 28 countries. The company also manages e-commerce websites in 11 countries. Wal-Mart is also a global leader in sustainability, corporate philanthropy, and employment opportunity, postal a fiscal year 2016 revenue of 4482 billion.

Jet—in case you haven’t heard—is one of the fastest growing and most notably innovative e-commerce companies in the US. In its first year, Jet reached $1 billion run-rate Gross Merchandise Value offering approximately 15 million SKUs within only its first year.

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