Home Food Amazon to buy Whole Foods for US $13.7 billion

Amazon to buy Whole Foods for US $13.7 billion

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Online retail giant announced on Friday that it had reached a definitive agreement to acquire Market for US $13.7 billion.

Amazon to buy Whole Foods for US .7 billion
Whole Foods, founded in 1978, has more than 460 stores in the United States, Canada and the United Kingdom, employs 87,000 people and is the leading natural and organic foods supermarket

In a news release, Amazon said it would acquire the upscale supermarket chain for US $42 a share in an all-cash transaction that includes that company’s net debt, Efe news reported.

Whole Foods, founded in 1978, has more than 460 stores in the United States, Canada and the United Kingdom, employs 87,000 people and is the leading natural and organic foods supermarket.

“Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy,” Founder and Chief Executive Officer, Amazon, said.

The supermarket chain will continue to operate stores under the Whole Foods Market brand and John Mackey will remain the company’s CEO, the release said.

The transaction is subject to approval by Whole Foods Market’s shareholders, regulatory approvals and other customary closing conditions, but the parties expect to close the transaction in the second half of 2017, it added.