Monday, September 20, 2021

Amazon to acquire Whole Foods for $13.7 bn

New York, Jun 16 (EFE).- Online retail giant Amazon announced Friday that it had reached a definitive agreement to acquire Whole Foods Market for $13.7 billion.

A general view of the Whole Foods Market company brand sign in New York, USA, 26 November 2013 (reissued 16 June 2017). According to reports from 16 June 2017, US electronic commerce giant is to buy US supermarket chain Whole Foods Market for some 13.7 billion US dollars. EFE

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

Austin, Texas-based 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,” Amazon’s founder and chief executive officer, Jeff Bezos, 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.