Retail industry news : Amazon set to acquire Whole Foods Market for $13.7bn
In a massive retail acquisition deal, E-commerce giant Amazon has announced that it will acquire American supermarket chain Whole Foods Market for approximately $13.7 billion.
According to the latest retail news, the two parties have signed a definitive merger agreement in this regard with Amazon agreeing to offer $42 per share to the stakeholders of Whole Foods Market in an all-cash deal.
Whole Foods Market is a natural and organic foods supermarket chain with over 460 stores across the United States, Canada and the United Kingdom. It employs about 87,000 people in the three countries.
Commenting on Amazon acquisition of Whole Foods Market, Amazon founder and CEO 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.”
Post merger, Whole Foods Market will operate stores like before under the Whole Foods Market brand. Its sourcing from its previous vendors and partners across the globe will remain unaffected by the Amazon Whole Foods Market merger.
As per the latest retail industry news, John Mackey will continue to be the Whole Foods Market CEO. Also Whole Foods Market headquarters will remain in Austin, Texas.
John Mackey, Whole Foods Market co-founder and CEO commenting on Amazon acquisition of Whole Foods Market 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.”
Retail Industry News – Amazon Acquisition of Whole Foods Market
The Amazon Whole Foods Market merger which is conditional on the approval by shareholders of Whole Foods Market, receipt of regulatory approvals and many customary conditions is likely to be closed in the second half of the current year.
In late March 2017, online retail giant Amazon agreed to acquire Middle East online retail company Souq.com. The full details of the Amazon Souq acquisition can be read here.