Amazon announced Friday that it is buying Whole Foods for $13.7 billion in cash, including debt.
The deal values Whole Foods at at $42 per share, which is 27% higher than it was trading yesterday.
Whole Foods stores will continue operating under their own brand as a separate unit of the company. John Mackey, the CEO of Whole Foods, will stay on, with its headquarters remaining in Austin, Texas.
While many retailers have announced store closings, Amazon is continuing to move into the business of operating brick-and-mortar stores.
The deal is planning to close in the second half of the year.BLOG COMMENTS POWERED BY DISQUS