Walmart finalises USD 3 bln acquisition of Jet

Walmart Chief Executive Doug McMillon announced the completition of the deal, which was waiting for regulatory approval, reuters.com reports.

The acquisition will impact Walmarts 2017 FY earnings more than the retailers initial estimate of a 5 cents per share impact as the transaction closed ahead of time.

The deal will give Walmart access to Jets pricing software and will help the company to compete with its online rivals.

Jet, with its ability to lower prices as customers add more items to their shopping carts, will help Walmart reach more customers such as millennial shoppers. The deal would also strengthen Walmarts ecommerce infrastructure.

Jets founder Marc Lore will join Walmart as the President and Chief Executive of Walmarts US ecommerce business and will report to McMillon, the company said in a separate statement.