(SEATTLE) — Online retail giant Amazon announced on Friday it has entered into a definitive agreement with Whole Foods Market to acquire the supermarket chain for approximately $13.7 billion.
Amazon says it will pay $42 per share in the all-cash deal, which includes Whole Foods’ net debt.
“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,” Whole Foods Market co-founder and CEO John Mackey said in a statement.
Under the terms of the transaction, Whole Foods stores will keep the chain’s name, Mackey will stay on as CEO and Whole Foods’ heaquarters will remain in Austin, Texas.
The deal, which is expected to close later this year, is still subject to regulatory approval.
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