Amazon to buy Whole Foods Market, moving onto Main Street

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Source: Amazon to buy Whole Foods Market, moving onto Main Street

Amazon will pay $42 a share to acquire upscale grocery chain Whole Foods Market, in a deal expected to close later this year, pending approval from regulators and Whole Foods’ shareholders. AFP/JOE RAEDLE, DAVID MCNEW

NEW YORK: Amazon is once again shaking up the retail sector, with the announcement on Friday (Jun 16) it will acquire upscale US grocer Whole Foods Market, in a deal that underscores the online giant’s growing influence in the economy.

The purchase in one fell swoop gives Amazon, which until now has operated almost entirely on the internet, a big presence in the brick-and-mortar world on Main Street, with more than 450 stores in the US, Canada and Britain.

In the US$13.7 billion, all-cash deal, Amazon will buy the Texas-based champion of organic and speciality food for US$42 a share. Whole Foods’ shares traded…

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