Wal-Mart buys Jet.com to lift online sales, battle Amazon

Wal-Mart Stores Inc, vying to better challenge Amazon.com Inc, will pay about $3 billion for internet retailer Jet.com Inc and its innovative pricing software - in the biggest-ever deal for an e-commerce startup.

The deal disclosed on Monday follows a five-year e-commerce acquisition spree in which Wal-Mart, the world's biggest traditional retailer, has already bought 15 startups, seeking the talent and technology to make it a dominant player online and narrow the massive gap with market leader Amazon.

Wal-Mart's online division has underperformed against Amazon, posting its slowest growth in a year in the first quarter as it struggled to gain traction with consumers, especially millennials.