66561
Amazon to Acquire Whole Foods for $13.7b
Amazon to Acquire Whole Foods for $13.7b

Amazon to Acquire Whole Foods for $13.7b

Amazon to Acquire Whole Foods for $13.7b

Amazon.com Inc. will acquire Whole Foods Market Inc. in a $13.7 billion deal, marking the biggest transaction ever for the e-commerce giant as it pushes deeper into groceries.
Amazon will pay $42 a share in cash for the organic-food chain, the companies said on Friday. John Mackey, Whole Foods’ outspoken co-founder and chief executive officer, will continue to run the business, Bloomberg reported.
The deal sends a shockwave across both the online and brick-and-mortar industries, uniting two brands that weren’t seen as obvious partners. But Whole Foods came under pressure to find a buyer this year after activist investor Jana Partners LLC acquired a stake and began pushing for a deal. Jana’s move irked Mackey, who has referred to Whole Foods as his “baby.” By enlisting Amazon, he gets to keep his job as CEO of the grocery chain.
Amazon’s biggest acquisition announced to date came in 2014, when it agreed to buy video-game service Twitch Interactive Inc. for $970 million in cash, according to data compiled by Bloomberg. The Seattle-based company had about $21.5 billion of cash and equivalents at the end of March, the data show.
“Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy,” Amazon Chief Executive Officer Jeff Bezos said in a statement.
The takeover is slated to be completed in the second half of the year, with Whole Foods’ headquarters remaining in Austin, Texas.

Short URL : https://goo.gl/Jw3pfN
  1. https://goo.gl/B8f4oX
  • https://goo.gl/m9RPTH
  • https://goo.gl/NqTi51
  • https://goo.gl/PJwZY2
  • https://goo.gl/2za4Mn

You can also read ...

Indonesia’s interest rate rise highlights need for urgent defensive action.
Argentina's return to financial chaos might seem remote to...
Pakistan Retains Stable Rating
Moody’s Investors Service said that Pakistan’s (B3 stable)...
Real growth of the oil sector was  14.77% year-on-year in Q1.
Nigeria’s economy expanded for a fourth straight quarter in...
Goldman Says US in Dire Straits
Goldman Sachs’ analysts delivered a weekend note on the United...
Chan Chun Sing (L) and CEO of the Singapore Business Federation Ho Meng Kit,  at The Business Times Leaders Forum on Monday.
With the rise in unilateralism and protectionism, the...
Copper Edges Up
Copper edged higher on Monday after China and the United...
Investments by state enterprise rose 11.5% from a year earlier.
Thailand produced its fastest economic growth in five years in...
Taiwan Economic Sentiment Weakens
Sentiment toward Taiwan’s economy weakened in May after the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus