Amazon has reached an agreement to acquire Whole Foods Market for $42 per share in an all-cash transaction valued at approximately $13.7 billion, including Whole Foods Market’s net debt.
The planned transaction was announced on June 16.
“Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy,” Jeff Bezos, Amazon founder and CEO, stated in a press release.
“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,” added John Mackey, Whole Foods Market co-founder and CEO.
Under the agreement, Whole Foods Market will continue to operate stores under the Whole Foods Market brand and source from vendors and partners it trusts from around the world. John Mackey will remain as CEO of Whole Foods Market and Whole Foods Market’s headquarters will stay in Austin, Texas.
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.
Whole Foods Market, on its website, describes itself as the leading natural and organic foods supermarket, the first national “Certified Organic” grocer, and uniquely positioned as "America’s Healthiest Grocery Store." A supporter of the Global Animal Partnership (GAP), Whole Foods Market agreed to source only slower-growing broilers raised according to GAP standards by 2024.