Amazon to Purchase Whole Foods
June 16, 2017
Seattle-based online retail giant Amazon has announced plans to purchase Austin, Texas-based grocer Whole Foods in a $13.7 billion deal. Amazon will assume the grocery chain’s debt burden as well, the Washington Post reports, paying $42 per share for the company. The deal is expected to close during the second half of this year.
“This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers,” Whole Foods CEO John Mackey said in a statement. Mackey will remain CEO of the company, which will continue to operate under its existing banner.
Whole Foods oversees roughly 430 stores.