Walmart is buying the U.S. e-commerce giant eBay for $10.6bn.
The transaction was announced on Tuesday and will give Walmart access to its vast e-tailer’s vast stock of goods, the retailer said.
The deal, which was announced at a press conference at Walmart headquarters in Bentonville, Arkansas, was struck after months of negotiations between Walmart and eBay chief executive officer Brian Cornell.
Walmart is seeking to bolster its e-business by selling stock to help offset some of the costs of the online giant’s acquisition of Whole Foods in 2016.
Last week, Walmart and its rivals including Amazon and Amazon Prime also signed deals with online rivals to boost their e-marketplaces.
The announcement comes as Walmart is struggling with its slow and uneven sales growth, with sales down 5.5 per cent in the latest quarter.
In December, Walmart’s shares plunged more than 11 per cent.