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Amazon to buy Whole Foods Market

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Amazon, the world’s biggest online retailer, is buying Whole Foods Market in a deal valued at approximately $13.7bn, including Whole Foods Market’s net debt.

According to a joint statement, Whole Foods Market will continue to operate stores under the Whole Foods Market brand and source from trusted vendors and partners around the world. John Mackey will also remain as CEO of Whole Foods Market and Whole Foods Market’s headquarters will stay in Austin, Texas.

“Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy,” says Jeff Bezos, Amazon founder and CEO. “Whole Foods Market has been satisfying, delighting and nourishing customers for nearly four decades – they’re doing an amazing job and we want that to continue.”

“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,” says John Mackey, Whole Foods Market co-founder and CEO.

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

 

 

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