Wal-Mart Stores Inc. will reportedly announce Monday its $3 billion purchase of online retailer Jet.com.

As part of the deal — one of the largest-ever acquisitions of an e-commerce company — Jet.com co-founder and CEO Marc Lore will lead Wal-Mart’s online division for at least two years, Bloomberg News reported Saturday.

Wal-Mart WMT, +1.31% , the world’s largest retailer, hopes the purchase can help it close the e-commerce gap with rival Amazon.com AMZN, +0.18% . Wal-Mart made only about $14 billion in online sales in 2015, compared with about $99 billion for Amazon, and Wal-Mart’s online growth rate has fallen for five consecutive quarters.

Jet.com has existed for less than two years, but has seen astronomical growth — its sales in July 2016 were up 168% from August 2015. Wal-Mart’s online sales for the same period were up only 30%, according to data from Slice Intelligence. Jet.com has accumulated more than $500 million in venture funding, and is valued around $1.6 billion.

Read:Could Wal-Mart blunt ‘Amazon effect’ with acquisition of Jet.com?

Key components of the deal would include Jet.com’s proprietary technology, its extensive customer and supplier lists, and Lore’s expertise. Lore is highly regarded in the e-commerce world, and previously founded the parent company of Diapers.com, which he sold to Amazon in 2011 for $550 million. Lore then worked at Amazon for about two years before founding Jet.com.

The potential deal, which was first reported Wednesday, has excited some Wal-Mart analysts and investors. “[W]e think that a combination of Wal-Mart’s best-in-class logistics and significant buying power ($482 billion in revenue in 2015) and Jet.com’s high-growth retail model would make the combined business a formidable competitor,” Pacific Crest analysts wrote in a Wednesday note. Wal-Mart shares ended the week up more than 1%.