Amazon is buying Whole Foods in a massive $13.7 billion deal

Following speculation last month, Amazon has reportedly acquired Whole Foods in a massive deal valued at $13.7 billion.

For more context, that equals about $42 per share.

Whole Foods CEO John Mackey will remain acting as the CEO of the popular grocery store chain after the deal has been finalized, according to a press release.

“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 Amazon CEO Jeff Bezos. “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.”

The franchise grocery store will continue to operate under the Whole Foods market brand. The transaction is still subject to approval by shareholders and regulators, with the deal expected to be completed during the second half of this year.

Last December, Amazon unexpectedly announced the launch of its own physical grocery store in Seattle. Equipped with its innovative in-house no-cashier technology, Amazon Go makes it easy for customers to pick up their desired items and leave – all purchases are then automatically processed from a nominated credit or debit card.

Given its ambition to transform the retail world, it would be interesting to see whether Amazon opts to implement a similar solution in Whole Foods locations once the technology has been refined.