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Amazon's deal to buy Whole Foods hits shares in US retailers
17 Junio 2017, 01:05 | Benedicto Grullon
Completion of Amazon's purchase is subject to approval by Whole Foods' shareholders, regulatory OKs and other closing conditions. Whole Foods is known to attract high-income shoppers, who can afford to dole out cash on over-expensive foods and this was the center of all the jokes on Twitter.
Last year, it opened Amazon Go, a checkout-free grocery store in Seattle, where customers are charged on their Amazon accounts for the products they leave the store with without ever having to see a cashier or self-checkout system.
He imagines Amazon will use the Whole Foodsacquisition to drive food and convenience spending traffic online, either through delivery or click-and-collect type services.
Amazon announced Friday that it will pay $42 a share for Whole Foods, which was founded in 1978 in Austin, Texas, and is still based there.
Amazon's announcement of buying Whole Foods on Friday could eventually change the grocery industry. Amazon would be able to sell Whole Foods prepackaged meals, which make up about 20 percent of Whole Food's sales now, Stone says.
These early forays into groceries provide clues for what consumers could expect from a combined Amazon and Whole Foods, a deal expected to close later this year. Whole Foods' competitors will have to adopt their own AI run systems or find themselves priced out of the market.
In the month of May, Whole Foods had replaced five board members after pressure was mounting from Jana Partners. Both companies said there will be no layoffs, but did not respond to other questions about Amazon's plans for Whole Foods.
Amazon has been exploring different business ventures as of late.
Amazon (AMZN) stock also jumped 2.44 percent to $987.71 on Friday on traded volume of 11.47 million shares versus average volume of 3.74 million shares.
The move marks Amazon's commitment to dive further into the grocery market.
Under the deal, Whole Foods will continue to operate stores under its independent brand and the company's CEO and founder, John Mackey will remain in his position.
JPMorgan analyst Doug Anmuth believes that the buyout would allow Amazon to be more innovative in delivering the customer buying experience in Whole Foods stores.
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