Fenwick & West represented Jet.com, Inc., a home goods e-commerce company, in its definitive agreement under which Wal-Mart Stores, Inc. (NYSE: WMT), will acquire Jet for approximately $3 billion in cash, a portion of which will be paid over time. Additionally, $300 million of Walmart shares will be paid over time as part of the transaction.
The acquisition will build on and complement the significant foundation already in place to serve customers across the Walmart app, site and stores and position the company for even faster e-commerce growth in the future by expanding customer reach and adding new capabilities. More information about Jet’s acquisition by Walmart can be obtained from the company press release.
The Fenwick transaction team included corporate lawyers Ted Wang, Kris Withrow, Scott Behar, Ryan Slunaker, Shen Zhang, Gilad Yacubovich, Maureen Montgomery, Hans Andersson, Ari Haber, Jeremy Kazzaz and Amanda Baratz; technology transactions lawyers Ralph Pais, Joseph Schenck and Justin Baumli; executive compensation and employee benefits lawyers Shawn Lampron and Marshall Mort; and tax lawyers Will Skinner and Julia Ushakova-Stein.