Jet.com an online store that sells a wide range of products like groceries, books, jewelry and appliances, agreed to sell itself to Walmart Stores for $3.3 billion as they both seek to take on a mutual competitor: Amazon.
The
deal incorporates $3 billion to be paid to Jet.com stakeholders in
cash, a portion of that to be distributed over time, while $300 million
will be paid in Walmart stock over time, according to a statement released by the companies on Monday. The companies did not specify the length of the payment period.
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