Friday, June 16, 2017

Amazon.com Buys Whole Foods Market For $13.7 Billion

Seattle-based Amazon.com has made a stunning entry into the grocery store business, saying on Friday that it is acquiring the entire Whole Foods Market grocery store chain, in a $13.7 billion deal. According to Amazon and Whole Foods, Amazon will pay $42 per share in cash for Whole Foods Market, including the grocery chain's net debt. Amazon said it will continue to operate stores under the Whole Foods Market brand, with John Mackey remaining as CEO. Amazon did not say how this will affect its e-commerce plans, but the buy makes Amazon the owner of the largest, organic grocery store chain in the nation.