Wal-Mart completes deal for Jet.com

NEW YORK – Wal-Mart says it has completed its deal to buy fast-growing online retailer Jet.com for $3 billion in cash plus $300 million in stock.

The announcement late Monday came from Wal-Mart’s CEO Doug McMillon via his Instagram account.

The hefty price tag shows how heavily Wal-Mart is willing to invest in order to attract younger and more affluent customers to drive online sales, which totaled $13.7 billion last year.

As part of the deal, which was announced in early August, Jet.com co-founder and CEO Marc Lore will oversee both that site and Walmart.com and will report to McMillon. Lore brings to the role a rich e-commerce resume as founder of Quidsi, the parent Diapers.com, which was bought by Amazon for $500 million in 2010.