Amazon To Buy Whole Foods

Amazon To Buy Whole Foods”

Amazon's stunning takeover of Whole Foods shook the entire food chain. Back in April, activist investor Jana Partners took an 8% stake in the company and pushed the board to look into strategic options including a sale.

In terms of other experience in the food industry, the online retail company has a subsidiary called AmazonFresh-a grocery delivery service available in some US states and London, U.K. The deal is valued at a staggering $13.7 billion and makes it the most expensive acquisition in Amazon's chequered history.

For Amazon, the Whole Foods acquisition does more than just leapfrog over the technical difficulties it has had in implementing its grocery plans.

Whole Foods will keep operating stores under its name and John Mackey will as CEO, with headquarters in Austin, Texas.

Whole Foods' stock was halted.

"Obviously the big news today is the Amazon announcement of the purchase of Whole Foods which is having effects on various sectors of the market", said David Levy portfolio manager at Republic Wealth Advisors.

Amazon's deal to buy Whole Foods comes as Wal-Mart is engaged in a price war with rivals such as Aldi and Kroger in the grocery segment, which makes up about 56 per cent of Wal-Mart's revenue. Walmart, which has the largest share of the USA food market, has been working on lowering prices, while Target has been struggling to turn around its grocery business.

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Amazon is buying Whole Foods for $13.7 billion, and that could be bad news for Instacart.

Whole Foods' stock soared 27 percent.

We intend to raise our $33.50 fair value estimate for Whole Foods to the deal price as we don't foresee another bid surfacing before the expected close in the second half of 2017. Whole Foods, whose fleet of stores now numbers more than 430 locations, has found it hard to attract more mainstream consumers as Walmart and other large chains have stepped up their sales of natural and organic products.

"If they actually, Amazon Prime, decides to deliver food to your home, boy that's great, it would be a wonderful thing!" Customers would have needed an Amazon account and a smartphone running the Amazon Go app to shop there.

The Canadian grocery sector has always been considered a bit of a laggard compared to the USA when it comes to e-commerce and delivery services.

Now they're clearly facing another big leadership change with Amazon - which has a reputation for having both innovative and harsh working conditions.

The stock of Sprouts Farmers Markets, another rival of Whole Foods, dropped 14%. These are likely to be higher income households that traditionally spend the most on cuts of meat and buy expensive brands.

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