Petsmart bought Chewy.com in what's reported to be the biggest e-commerce deal ever

Petsmart just snapped up pet supply site Chewy.com in what's reported to be the biggest e-commerce deal in history.

The big box store paid around $3.35 billion for the online outlet, according to Recode's sources — slightly more than the $3.3 billion Walmart spent on Jet.com in another monster online shopping acquisition last year.

The deal is also all the more notable for the fact that Petsmart itself was most recently valued at $8.7 billion when private equity investors bought it two years ago. The brick-and-mortar retailer is clearly betting big on the fast-growing site.

Despite a relatively low profile, Chewy.com has become of the country's largest and fastest growing privately owned e-commerce companies since its inception in 2011. The site pulled in nearly $900 million in revenue last year and claims to be on track for $1.5 billion this year.  Read more...

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