Amazon to acquire Whole Foods for $13.7 billion

E-commerce and cloud computing giant, Amazon, is acquiring supermarket chain, Whole Foods for $13.7 billion, marking the former’s solid push into the grocery business.

Amazon has agreed to pay $42 a share in cash for Whole Foods, including debt, which is a premium over the $33 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