Amazon Announce dealt o Acquire Whole Foods Market (WFM) for Just shy of $14 Billion dollars.
Whole Foods started in 1980 in Austin, Texas. Today it has grown to 465 stores and has a current Market Cap of $10.5 Billion. Whole foods has a reputation as a supplier to a large group growing health conscious consumers that demand healthy, organic , wholesome food products.
Amazon & Whole Foods Press Release :
Whole Foods Market ranked #28 and Amazon ranked #2 on Fortune’s 2017 list of World’s Most Admired Companies
SEATTLE and AUSTIN, Texas, June 16, 2017 (GLOBE NEWSWIRE) — Amazon (NASDAQ:AMZN) and Whole Foods Market, Inc. (NASDAQ:WFM) today announced that they have entered into a definitive merger agreement under which Amazon will 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.
“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.
Whole Foods Market will continue to operate stores under the Whole Foods Market brand and source from trusted vendors and partners 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.
Read Press Release in its entirety : Amazon-to-Acquire-Whole-Foods-Market
This will be an all cash deal valued at just under $14 Billion Dollars. it will be interesting to watch how Amazon folds this store into its expanding “Prime Pantry”.