Walmart confirms it will acquire Jet.com for $3 billion

Walmart confirmed that it has acquired online retailer Jet.com for $3 billion in cash.
Rumors suggesting that Walmart was lining up a move for Jet.com first started circulating last week and were given further credence yesterday as fresh reports emerged that a deal had been reached between the two companies. In a nutshell, Jet.com promises to deliver cheaper prices on myriad goods by encouraging users to buy more items at the same time or to purchase goods located in the same dist