$3.3B Jet.com Deal Started With A Blank Check

One of the biggest acquisitions this month was Walmart agreing to buy online shopping site Jet.com for aroud $3.3 billion.
The way the world’s largest retailer came about this purchase is almost funny.

Walmart CEO Doug McMillion was given a “blank check” to defeat Amazon (AMZN), and he used it to buy Jet.com.

Startup Jet.com has been in operation for more than a year, and has reached $1 billion in run-rate gross merchandise value. It also has a growing customer base and could strengthen growth in Wal-Mart’s online business.

“When you have a blank check this is what you put on it … you put $3 billion to Jet.com,” Jim Cramer told CNBC’s ” Squawk on the Street .” “And the [Walton] family won’t [ask] any questions, cause the family said, this Amazon … you have to take them on.”

The Walton family are the kin of the founders of Wal-Mart and hold a collective majority of the stock.

“Wal-Mart was the ‘sleeping giant,'” Cramer said, “and they’re awake.”

The jet.com deal is expected to close this year, subject to regulatory approval.

Disclaimer: We have no position in Wal-Mart Stores, Inc. (NYSE: WMT) nor Amazon.com, Inc. (NASDAQ: AMZN) and have not been compensated for this article.