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 Amazon to acquire Whole Foods in $18 billion bet on groceries

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PostSubject: Amazon to acquire Whole Foods in $18 billion bet on groceries    Fri Jun 16, 2017 8:59 pm

Amazon.com will acquire Whole Foods Market in a $US13.7 billion ($18 billion) bombshell of a deal that catapults the e-commerce giant into the supermarket business with hundreds of stores across the US.



Get to know the online retail giant before it sets up shop on Australian shores.

Amazon agreed to pay $US42 a share in cash for the organic-food chain, including debt, a roughly 27 per cent premium to the stock price at Thursday's close. John Mackey, Whole Foods' outspoken co-founder, will continue to run the business, providing a lifeline to the embattled executive after a fight with activist investor Jana Partners.

The deal sends a shockwave across both the online and brick-and-mortar industries, uniting two brands that weren't seen as obvious partners. But Whole Foods came under pressure to find a buyer this year after Jana acquired a more than 8 per cent stake and began pushing for a buyout. Jana's move irked Mackey, who has referred to Whole Foods as his "baby." By enlisting Amazon, he gets to keep his job as chief executive officer of the grocery chain.

http://www.smh.com.au/business/amazon-to-acquire-whole-foods-in-137-billion-bet-on-groceries-20170616-gwszu9.html
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Amazon to acquire Whole Foods in $18 billion bet on groceries

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