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Amazon to buy Whole Foods for $ 13.7bn

  • 16 June 2017
  • From the section Business

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Amazon, the world’s biggest online retailer, is buying Whole Foods in a $ 13.7bn (£10.7bn) deal that marks its biggest push into traditional bricks-and-mortar retailing yet.

Amazon, which has been experimenting with grocery offerings, will buy the upscale supermarket for $ 42 a share.

The price is 27% higher than the level Whole Foods’ shares closed on Thursday.

The takeover deal is expected to be completed in the second half of the year.

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

“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.”

Whole Foods boss John Mackey said: “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.”

Mr Mackey is expected to stay on as chief executive.

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