Amazon is buying Whole Foods for nearly $14 billion

Amazon has been pushing to expand its online grocery business after announcing AmazonGo a few months ago.  AmazonGo is the world’s first advanced shopping technology that allows consumers to walk in a store, choose items, and walk out without needing to go through a checkout line.

  • Amazon to acquire Whole Foods for $42 a share, in a deal valued at $13.7 billion.
  • John Mackey will remain CEO of the grocery store chain.
  • The deal is expected to close in the second half year.

 

“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,” Mackey said in a statement.

Whole Foods has been under pressure from Jana Partners hedge fund and money management firm Neuberger Berman, which have called on Whole Foods to sell itself. The investors have criticized Whole Foods for its poor performance, and have suggested the chain could be merged with another grocer.


This story appeared first on CNBC. Copyright.

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Hello! My name is Donnel Garner. I created ourGemCodes in 2010. I have my degree in Computer Science. I’m a web developer, entrepreneur, content creator, and United States Submariner. I am a young philanthropist and contribute to open source foundations.

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