E-commerce behemoth Amazon has entered into an agreement to buy Whole Foods for $13.7 billion, or $42 per share, writes Will Anderson for the Philadelphia Business Journal.
There is no word yet on whether the deal explains the delay of the opening of the new Whole Foods in both Exton and Newtown Square.
John Mackey, co-founder of Whole Foods, will stay on as the company’s CEO. Whole Foods will also continue to keep its brand name.
The organic grocery chain has a significant presence in and around Philadelphia, and has recently expanded into Center City and along the Main Line.
“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,” said Amazon CEO Jeff Bezos.
Pending regulatory and shareholder approval, the deal should be finalized by the end of the year.
Read more about the agreement in the Philadelphia Business Journal by clicking here.