Amazon Buys Whole Foods For $13 Billion And Makes Jeff Bezos Second Richest Person On Earth
Online shopping giant Amazon can't seem to stop growing, based on Friday's $13.7 billion acquisition of organic supermarket chain Whole Foods.
In a Friday press release, Whole Foods announced that the deal is actually a merger taking place later this year if given the greenlight by regulators and shareholders. The merger will allow the brand to continue under its own name and keep its headquarters in Austin, Texas.
“Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy,” said Amazon CEO Jeff Bezos in the release. “Whole Foods Market has been satisfying, delighting and nourishing customers for nearly four decades – they’re doing an amazing job and we want that to continue.”
Just prior to this landmark deal, Whole Foods overhauled its board of directors and has been attempting to restore faith in the brand in its shareholders after a crisis of confidence. Whole Foods Market was ranked #28 and Amazon ranked #2 on Fortune’s 2017 list of World’s Most Admired Companies. Whole Foods Co-Founder and CEO John Mackey agreed that this was a smart move for both companies.
“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,” said Mackey.
This announcement comes of the heels of record-high stock prices for Amazon as it expands its reach and innovative ideas into what retail is and what it can be through its technology platforms.
The deal will make Jeff Bezos, owner of the Washington Post, one of the richest men in the world and people on Twitter couldn't help but poke fun at the idea of rising grocery prices: