New York - Wal-Mart has agreed to buy fast-growing online retail newcomer Jet.com, which had launched with a splash a year ago when it announced its intention to challenge online leader Amazon.

Wal-Mart is paying $3 billion in cash and another $300 million in stock.

The deal announced Monday marks a major move for Wal-Mart, which is realizing that it needs to compete more aggressively in the online world. Wal-Mart’s online business has been slowing even as it has been making big investments in new distribution centers and expanding services.

Last month, Wal-Mart announced that was selling its Chinese online business Yihaodian.com to the China’s second-biggest e-commerce site J.D.com in a strategic partnership that it hopes will bolster its presence in the lucrative but increasingly competitive marketplace.... Read More: VIN