Wal-Mart has closed the $3.3bn acquisition of e-commerce company Jet.com, providing exits to Alphabet and Alibaba in the process.
Big box retailer Wal-Mart sealed the acquisition of Jet.com, the US-based e-commerce company backed by e-commerce group Alibaba and internet technology conglomerate Alphabet, on Friday, sources have told TechCrunch.
Wal-Mart formally announced the transaction, which is made up of $3bn in cash that will be paid in instalments and $300m in stock, today. Reports last week suggested Wal-Mart was lining up the acquisition for ‘up to $3bn’ but a source with direct knowledge of the deal told TechCrunch the…
