The world’s largest retailer, Walmart, has announced plans to buy e-commerce site and Amazon rival Jet.com for over £2.3 billion. The start-up, founded two years ago, has been lauded as a potential “Amazon-killer”.

Chief executive Marc Lore will join Walmart to head up both divisions’ e-commerce operations which are in need of a boost, with Walmart sales totaling approximately £10.5 billion compared to Amazon’s £75 billion.

“We believe the acquisition of Jet accelerates our progress across these priorities,” Walmart chief executive Doug McMillon said. “Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”