Walmart officially announced deal with

Walmart (WMT) has officialy announced today that it will buy in order to garner a foothold in the online retail market and compete with giants such as (AMZN). The much rumored deal is worth $3 billion in cash and around $300 million in stocks. Amazon is reported to generate around $100 billion in sales a year. CEO of Walmart, Doug McMillon, said that he hopes to grow faster and make Jet even more profitable as a brand. In June the company announced that it will buy 5% of, a Chinese online retailer, worth $1.5 billion. Walmart is expected to sell its Chinese e-commerce site, Yihaodian, to In the first quarter Walmart posted online sales growth of 7% and the company CEO said that growth was too slow.