In a sudden turn of events, Amazon is bulking up on its offline presence with the acquisition of widely popular organic supermarket chain — Whole Foods Market Inc. The American e-commerce giant has agreed to shell out $42 per share to buy out Whole Foods in an all-cash transaction. The transaction is expected to close in the second half of 2017.
This development was first reported by Bloomberg but has now been confirmed by the company through an official statement. The $42 share price values the leading natural and organic supermarket (physical) chain at close to $13.7 billion. The company has been trading publicly since 1992 but has been lurking around the $33 mark for the past few years. This means Amazon is ready to pay the 27 percent premium on the company’s previous closing price to take the fight back to Wal-Mart.
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