Newsexpress banner Camano banner
Wal-Mart to buy for $3.3 billion

By News Express on 09/08/2016

Views: 1,549

Wal-Mart announced Monday that it will buy e-commerce company for $3.3 billion.

As part of the deal, the boards of both companies agreed Walmart will pay $3 billion in cash, while $300 million of the retail giant’s shares will be paid to the latter over time.

The deal is an attempt by Walmart to catch Amazon by trying to increase its growth through online and mobile application sales.

“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,” Doug McMillon, president and CEO of Wal-Mart Stores, Inc., said in a statement.

“We believe the acquisition of Jet accelerates our progress across these priorities. 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,” he added.

Both companies will retain their distinct brands, according to the statement.

Wan-Mart posted revenues of $428 billion in 2015, with just $14 billion from online sales.

Although Amazon had lower revenues at $107 billion, the company is the top retailer in online sales.

After the deal was announced, Wal-Mart shares on Wall Street fell 1 percent during trading hours to as low as $73.04.’s stock soared as high as $2 from previous close of $0.57.  (Anadolu Agency)

•Photo shows Wal-Mart President/CEO Doug McMillon.

Source News Express

Posted 09/08/2016 1:27:14 PM





You may also like...
Bill for paternity leave fails to scale through...

NiMET forecasts isolated rains today in Enugu, Awka,...


Gunmen abduct 42 travellers; strip female passengers

Low oil price, falling naira value put Nigerian...

Cash crunch hits Abia Govt., can no longer...

Senate frowns at police brutality against anti-Buhari protesters...

Bayelsa stops sponsorship of pilgrimage

IPOB bans Ohanaeze from speaking for Igbo as...

Tinubu rescues Yahya Jammeh •How Nigerian moneybag’s private...

Army lists achievements under Operation Crocodile Smile II...

Idris kicks against Senate’s proposal to confirm appointments...


Latest News INEC withdraws 25 Certificates-of-Return from election winners Bus driver found dead hanging from tree after surviving accident 3 Nigerians bag 40 years jail terms in the UK over drugs, illegal arms deal 2nd term: Kogi APC Aspirants’ Forum rejects Gov. Yahaya Bello My wife denies me sex over my micro penis — Pastor tells court National Assembly shocks media houses, rolls out stringent accreditation guidelines Harvest of arrests in Anambra: 75 cult suspects, robbers, others in police net Rape Saga: Judge disqualifies self from trial of Ex-Bayelsa Gov's aide over petition to NJC Reps Speakership: 156 members-elect endorse Bago for Speaker FG unfolds details of 29 May, 12 June celebrations Floods hit parts of Lagos after heavy rains Suspected kidnapper lynched in Kaduna


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (480,423 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (419,551 views) Shameless Genevieve Nnaji exposes breasts in public (358,049 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (306,142 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (270,457 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (241,370 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (229,294 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (211,038 views) 10 cars more expensive than Jets (202,534 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (200,333 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (181,352 views) Lagos plane crash: Journalist releases victims’ names (181,313 views)


UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (91) Business & Economy (4,269) Business Verdict (71) Columnists (1,031) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (614) Features (752) Global Business Monitor (362) ICT Monitor (43) International (3,465) Interview (179) Live Commentary (29) Love Matters (161) Maggie's Blog (268) News (46,348) Opinion (1,242) Pidgin (17) Politics (10,799) Religion (1,004) Sports (2,010) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera