Petsmart gobbles up for a reported $3.35 billion

Petsmart announced Tuesday it is buying online rival in a deal that values the online pet food seller at $3.35 billion, according to Recode.

Chewy will remain led by current CEO Ryan Cohen and operate "largely" as an independent subsidiary of PetSmart, whatever that means.

Big Bite: The reported price tag would make the deal larger than Walmart's Jet purchase and the biggest e-commerce-only acquisition ever, Recode said.