Amazon to buy Whole Foods Market, moving onto Main Street

NEW YORK: Amazon is once again shaking up the retail sector, with the announcement on Friday (Jun 16) it will acquire upscale US grocer Whole Foods Market, in a deal that underscores the online giant’s growing influence in the economy. Amazon will pay $42 a share to acquire upscale grocery chain Whole Foods Market, in a deal expected to close later this year, pending approval from regulators and Whole Foods’ shareholders. AFP/JOE RAEDLE, DAVID MCNEW The purchase in one fell swoop gives Amazon, which until now has operated almost entirely on the internet, a big presence in the brick-and-mortar world on Main Street, with more than 450 stores in the US, Canada and Britain. In the US$13.7 billion, all-cash deal, Amazon will buy the Texas-based champion of organic and speciality food for US$42 a share. Whole Foods’ shares traded in the mid-US$30 range for May and early June. The announcement had immediate and punishing consequences on Wall Street for retailers, such as Wal-Mart Stores, that sell groceries and are expected to face even tougher competition with Amazon now much more active in the space. … Read full this story

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