A Walmart spokesperson confirmed the Walmart accounts to CNBC on Thursday and said the purchase of the online marketplace is “in the works.”
Walmart is currently the largest online retailer in the U.S. with an average of more than 7.6 million members, according to data from comScore.
Its stock price rose $3.15 to $75.90 per share in premarket trading Thursday.CEO Doug McMillon is one of Walmart’s largest shareholders.
He is also the chairman and CEO of the board of directors of Amazon.com, the second-largest U.K. e-commerce company.
McMillon, who has a net worth of $5.4 billion, owns more than 1.1 million shares of Amazon stock.
The two companies were announced on May 25 and have an expected combined market value of about $1 billion.
McMillion, who joined Walmart in 1997, is chairman of the company’s board of governors.
He also has a seat on the boards of several other companies, including Microsoft Corp., Alphabet Inc. and Amazon.
McDonald’s has long been a leader in e-retail and has more than $100 billion in annual revenue.
Walmart, by contrast, has less than $40 billion in revenues.
McMcMillan told CNBC that he is not interested in running the business as a separate entity and is looking for a way to integrate it into Walmart’s portfolio of brands.
He said he has not met with Amazon and Amazon hasn’t reached out to him.
“The goal is to get a deal done, and then it’s up to them to figure out how they want to integrate and integrate with Walmart,” McMillion said.
“I’m not in the business of trying to build an entity out of nothing.
I want to bring Walmart back.”
WalMart, Amazon and eBay have been working together on e-books, toys and furniture products.