Amazon to acquire Whole Foods for $13.7 billion

E-commerce and cloud computing giant, Amazon, is acquiring supermarket chain, Whole Foods for $13.7PHP 804INR 1,161EUR 13CNY 100 billion, marking the former’s solid push into the grocery business.

Amazon has agreed to pay $42PHP 2,465INR 3,559EUR 40CNY 306 a share in cash for Whole Foods, including debt, which is a premium over the $33PHP 1,937INR 2,797EUR 31CNY 240 stock price at Thursday’s close of trading. Whole Foods CEO, co-founder John Mackey will remain in his role.

The acquisition gives Amazon access to Whole Foods’ hundreds of physical stores across the U.S. and strengthens its position when it comes online grocery sales.

sources: Bloomberg, NPR, New York Times