Walmart Confirms $3 Billion Jet.com Bid Rumors that surfaced last week indicating Walmart was interested in acquiring Jet.com were confirmed yesterday when the Bentonville, Ark.-based retail juggernaut announced an agreement to purchase the Amazon competitor for $3 billion in cash. Walmart said it will look to the Jet.com team to bolster its e-commerce operation with fresh ideas from a brand that found great appeal with millennials.

“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” said Doug McMillon, president and CEO of Wal-Mart. “We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”

Walmart said it will operate Jet.com as a distinct brand and Jet will continue to use a pricing model that offers discounts based on the quantity and type of products ordered and when multiple products are ordered from the same supplier.