The cat is out of the bag on that rumored acquisition of Hoboken, N.J.-based ecommerce site Jet.com by Walmart.

The retail giant broke its silence on Monday to say it had acquired the company for $3 billion in cash and some $300 million in Walmart stock, both to be doled out over time.

As part of the deal, Jet.com and Walmart.com will remain separate, in a move billed as a play for millennial purchasing power. “The acquisition of Jet will infuse Walmart with fresh ideas and expertise, as well as an attractive brand with proven appeal,” the company said in a press release.

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