Wal-Mart, Kmart to Buy Out Net Partners

Wal-Mart Stores Inc. said it will buy all the minority interests in its online shopping unit, Walmart.com, in a bid to integrate Internet and store operations. Terms weren’t disclosed.

Separately, Kmart Corp. said it has agreed to acquire all the remaining shares of BlueLight, its online affiliate, for undisclosed terms. Kmart already holds a 60% stake in the e-commerce arm.

Wal-Mart, the world’s largest retailer, said the purchase from its partner, Accel Partners, a California venture capital company, is expected to result in a charge of about 1 cent a share for the quarter ending July 31.

Existing Walmart.com business functions, including technology, development, site design and merchandising, will remain based in the San Francisco area, Wal-Mart said.

Kmart, the No. 2 discount retailer behind Wal-Mart, launched BlueLight last year as an independent company.

Other investors in San Francisco-based BlueLight are Softbank Venture Capital and Martha Stewart Living Omnimedia Inc. The Kmart purchase requires shareholder approval.

Bentonville, Ark.-based Wal-Mart’s shares fell $1.25 to close at $53.03, while Kmart shares fell 39 cents to $10.71, both on the NYSE.