Amazon is Buying Whole Foods in a Deal Valued at $13.7 Billion

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Amazon will acquire Whole Foods Market for $13.7 billion, in the Seattle-based tech giant’s most ambitious expansion yet into brick-and-mortar retail.

According to today’s announcement, Whole Foods’ John Mackey will remain CEO of the grocery store chain after the deal closes and the store will continue to operate under the Whole Foods brand and be headquartered in Austin, Texas.

The deal is expected to close in the second half year.

“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.”

“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 John Mackey, Whole Foods Market co-founder and CEO.

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.

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