Amazon buying Whole Foods for $13.7b

Transaction expected to close during second half of 2017.

Amazon and Whole Foods Market Inc. announced June 16 that they have entered into a definitive merger agreement under which Amazon will acquire Whole Foods Market for $42 per share in an all-cash transaction valued at approximately $13.7 billion, including Whole Foods Market's net debt.

"Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy," said Jeff Bezos, Amazon founder and chief executive officer. "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."

John Mackey, Whole Foods Market co-founder and CEO, said the 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 Market will continue to operate stores under the Whole Foods Market brand and source from trusted vendors and partners around the world. Mackey will remain as CEO of Whole Foods Market, and Whole Foods Market's headquarters will stay in Austin, Texas.

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.

TAGS: Business
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