Amazon to Buy Whole Foods Market for $13.7 Billion
Online shopping powerhouse Amazon.com Inc.--based in Seattle, WA--announced today plans to buy Austin, TX-based Whole Foods Market Inc. in a $13.7 billion cash deal.
Offering a rather upscale shopping experience, Whole Foods’ popularity and prevalence has grown tremendously over the years as consumers seek out more organic, natural and nutritious food choices. However, such a particular selection of foods became too pricey, especially for picky and budget-conscious millennials. Competitors began emulating Whole Foods’ style, but they sell virtually the same fresh goods for much lower prices. This fierce competition--coupled with a falling stock price--is believed to be the impetus for the grocery chain’s sale.