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Wal-Mart is in talks to acquire web retailer Jet, the Wall Street Journal reports. Sources said the deal could be worth as much as $3 billion.
Acquiring Jet could help Wal-Mart in its efforts to mount a serious threat to Amazon’s e-commerce supremacy. Its Walmart.com site offers about 11 million products, compared to about 260 million on Amazon, and attracted 88 million online visitors in February, compared to more than 1.7 billion for Amazon, according to comScore.
Year-old Jet, led by Diapers.com founder Marc Lore, has drawn more than $500 million in financing capital from venture firms New Enterprise Associates and Accel Partners as well as mutual-fund company Fidelity Investments and bank Goldman Sachs Group.
Dive Insight:
Just a few days past Jet’s first birthday comes the bombshell news that Wal-Mart is closing in a deal to purchase the e-commerce upstart.
Late last month, CEO Lore told Fortune that Jet sold $90 million in merchandise in May, compared to $33 million in December, and scoffed at the notion that the company might never be profitable, citing the support of deep-pocketed (not to mention patient) investors....
Via Douglas G Hall
