In an effort to improve its website and woo millennials, Walmart today announced it is acquiring Hoboken, NJ-based e-commerce company Jet.com for $3 billion in cash.

The world's largest retailer will also pay $300 million of its shares over time as part of the transaction, which has been approved by both companies' boards and is expected to close before the end of 2016.

Walmart said the acquisition will "infuse" the big box retailer "with fresh ideas and expertise, as well as an attractive brand with proven appeal, especially with millennials."

Jet.com does indeed have an impressive track record, reaching $1 billion in sales its first year and growing its customer base of "urban and millennial" shoppers by more than 400,000 people monthly.

The online retailer offers some 12 million products and processes an average of 25,000 orders every day. Its technology rewards customers in real-time with discounts on items that are bought and shipped together, "thereby reducing the supply-chain and logistics costs often buried in the price of goods," Walmart said.

Current Jet customers don't need to worry about the brand going away. After the acquisition closes, each organization will continue to maintain their distinct brands.

Walmart and Jet will leverage each other's technology to "develop new offerings to help customers save time and money," the companies said.

In a statement, Walmart President and CEO Doug McMillon elaborated on that plan.

"We're looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that's what our customers want," McMillon said. "We believe the acquisition of Jet accelerates our progress across these priorities.

"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… It's another jolt of entrepreneurial spirit being injected into Walmart," he added.