SUPERMARKET SHAKEUP - AMAZON BUYS WHOLE FOODS FOR $13.7B

Jun 16, 2017

By Bob Komsic

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In a move that could potentially revolutionize the grocery retail industry, online selling giant Amazon is buying high-end supermarket chain Whole Foods.
(Lynne Sladky / Associated Press)
Amazon will pay $42 US a share or $13.7-billion cash.
Amazon’s shares gained over $30 in reaction to the news, boosting the company’s value by $14-billion – more than what it’s paying for Whole Foods.
Amazon’s planning to leave Whole Foods’ network pretty much as they are, keeping all employees, locations and current executives.
Whole Foods has 431 stores in the U.S., a handful in the U.K. and 13 in Canada – mainly the Toronto area and Vancouver, but also one in Ottawa and another in Victoria.
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