Wal-Mart May be in Talks to Buy NJ Web Retailer Jet.com: WSJ

Photo: Marc Lore, founder and CEO of Jet.com Photo Credit: Courtesy Jet
Marc Lore, founder and CEO of Jet.com | Courtesy Jet

The Wall Street Journal is reporting that Jet.com, which is one of Hoboken’s biggest tech employers, is in acquisition talks with Wal-Mart. Jet.com launched a little over one year ago and raised more than $500 million. Jet.com’s CEO is Marc Lore, the former CEO of Diapers.com which he and his co-founders sold to Amazon.

According to the Wall Street Journal article by Greg Bensinger and Sarah Nassauer that was last updated around 11 AM today:

 “Wal-Mart Stores Inc.is in talks to buy online discount retailer Jet.com Inc., according to people familiar with the matter, in what would mark a disappointing end for one of the most ambitious challengers to Amazon.com Inc.

A deal would give Wal-Mart’s e-commerce efforts a much-needed jolt as it seeks to grow beyond its brick-and-mortar storefronts with speedy home delivery from a network of massive suburban warehouses.”

The Journal continues:

“For Jet, a takeover by an old-line retailer would demonstrate the challenges of attempting to go it alone in the hypercompetitive e-commerce market. The company has sought to underprice Amazon with a vast marketplace that would require billions of dollars in funding and a plan to rely more on suppliers than warehouse inventory.

It isn’t clear how much Wal-Mart would pay, but a person familiar with the matter said Jet could be valued at up to $3 billion in private markets.”

The complete Wall Street Journal Article can be found here.

NJTechWeekly.com last covered Jet here.

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