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Walmart's Blockbuster $3 Billion Jet Deal Its Latest Assault on Amazon

Bricks and mortar retail king Walmart (WMT) has pulled out the big guns this year in its efforts to shoot down digital foe Amazon (AMZN) .

The latest bazooka shot was fired on Monday as the world's largest retailer said it will acquire e-commerce player for $3 billion in cash. It will also give $300 million worth of Walmart shares, which will be paid out over time. founder Marc Lore -- a long-time e-commerce entrepreneur -- and members of his executive team will get undisclosed management roles at the company, a source familiar with the situation told TheStreet. Lore is rumored to be ready to take the reins of Walmart's e-commerce operations.

In Jet, said the source, Walmart recognizes an experienced management team in digital retail. In particular Lore is an expert in the sector, the source said, and he could provide very valuable knowledge on e-commerce.

Walmart expects the deal to close later this year.

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"We're looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that's what our customers want," said Doug McMillon, president and...