US e-commerce giant Amazon has agreed to acquire the retailer Whole Foods Market for $13.7 billion including net debt.
The acqusition is the latest in a series of significant moves by Amazon into FMCG retailing, including the opening of its first bricks-and-mortar grocery store in December of last year.
According to Food Business News, the stores acquired by Amazon will continue to operate under the Whole Foods Market brand, maintaining its headquarters in Austin, Texas as well as its current chief executive officer.
“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,” commented John Mackey, CEO of Whole Foods Market.
The transaction, which is expected to be completed by the second half of 2017, is subject to approval by Whole Foods Market shareholders, regulatory approvals and other customary closing conditions.
Source: Food Business News