Dear Colleagues --
Big news this morning. Amazon is buying Whole Foods Market. Initial details below. We will keep you posted on what this might mean as further details emerge.
Amazon buying Whole Foods Market for $13.7 bil' in cash
Whole Foods CEO Mackey says deal is 'opportunity to maximize value for shareholders'
by Sustainable Food News
June 16, 2017
Online retail giant Amazon said Friday it has signed an agreement to acquire Whole Foods Market, Inc. (WFM) for about $13.7 billion in cash.
Seattle-based Amazon (NASDAQ:AMZN), with $136 million in annual sales, said the deal to acquire the world's largest organic and natural grocery chain for $42 per share includes the net debt of WFM, which has $15.8 billion in annual sales.
“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,” said WFM Co-founder and CEO, John Mackey, who will remain as CEO.
Amazon said Austin, Texas-based WFM (NASDAQ:WFM), which was the first national certified-organic grocer, will continue to operate from its headquarters and its 462 stores in North America and Britain will remain under the Whole Foods Market brand.
“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 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.”
Completion of the transaction is subject to approval by WFM's shareholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the second half of 2017.