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Jet.com and Walmart are teaming up to take on Amazon, report says

Walmart is in the process of acquiring Jet.com with an official announcement coming as soon as Monday, reports Recode. The deal values Jet at roughly $3 billion. 

Jet.com, an e-commerce site that initially offered paying members steep discounts on everything from pet food to laundry detergent, was founded two years ago. The company, founded by Marc Lore, aimed to compete with Amazon. Jet.com was styled in a way that mimicked bulk purchase joints like Costco and Sam’s Club, but designed for the web.  Lore will supposedly continue on at Walmart as head of U.S. e-commerce operations, according to the report. 

The deal signals that Jet wasn’t able to go it alone against Amazon—neither was Walmart. Sam Walton’s iconic shop was having difficulty gaining ground in online sales. It’s still unproven whether together these two businesses can make a dent in Amazon’s overwhelming dominance. RR