VIDEO: Amazon Buys Whole Foods Market For $13.7B

By  //  June 16, 2017

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"...they’re doing an amazing job and we want that to continue," said Amazon CEO Jeff Bezos

ABOVE VIDEO: Tech analyst Shana Glenzer explains why Amazon’s purchase of Whole Foods was an opportunity to get ahead of the competition.

(FOX BUSINESS) – Amazon (AMZN) stormed into the world of food retail Friday with a stunning announcement it will acquire Whole Foods Market (WFM), a move that sent shares of industry mainstays sharply lower as many fear an imminent disruption of the way consumers shop for groceries will continue to pressure margins and potentially upend existing business models.

The $475 billion e-commerce giant will snap up the struggling supermarket chain for $42 per share in an all-cash deal valued about $13.7 billion including debt.

“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,” said Amazon CEO Jeff Bezos in a statement.

Under the deal, Whole Foods will continue to operate stores under its independent brand and the company’s CEO and founder, John Mackey will remain in his position. Mackey said the partnership allows the Austin, Texas-based food retailer to continue efforts to bring high-quality foods and convince to its customers across America.

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