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Report: Wal-Mart looking to buy etailer Jet for $3B

The Wall Street Journal reports the one-year-old Amazon competitor could be bought for $3 billion.

August 3, 2016

In what would be one of the most stunning events in retail in quite a while Wal-Mart is reportedly eyeing newcomer etailer Jet.com for acquisition, just one year after Jet arrived to battle online giant Amazon.

The Wall Street Journal reports Wal-Mart is in talks in what a source claims may be a $3 billion deal. WSJ doesn't name its source for the report and notes such a deal would help Wal-Mart's efforts to rebound and provide a fast home delivery service opportunity.

Jet, with a valuation of over $1 billion, has received more than $500 million in capital investment from venture firms, notes WSJ, which did not indicate if it had reached out to Jet founder Marc Lore for comment on the potential sale.