Jet.com reportedly to be acquired by Walmart for $3 billion

Jet.com will reportedly be acquired by Walmart in a deal said to be worth $3 billion, the culmination of rumors that first made waves last week. Under terms of the deal, Jet cofounder and CEO Marc Lore will remain at his post and will helm Walmart’s U.S. ecommerce operations. Lore is said to be replacing Walmart’s Neil Ashe, who will be departing “after a transitional period.” Launched in 2015, Jet aimed to take on Amazon, Walmart, and other online retail giants by offering a new spin on the shopping club.
Read more: http://venturebeat.com/2016/08/07/jet-com-reportedly-to-be-acquired-by-walmart-for-3-billion/?source=Snapzu