USA: Amazon to acquire Whole Foods Market

American electronic commerce company has agreed to acquire Whole Foods Company retailer for $13.7 billion including net debt.

According to Food Business News, the stores acquired by Amazon will be operating under the Whole Foods Market brand maintaining the headquarter in Austin, Texas and the 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