Friday, August 25, 2017

Whole Foods, Amazon Acquisition To Close On Monday

Austin-based Whole Foods Market and Seattle-based Amazon said on Wednesday that the acquisition of Whole Foods will officially close on Monday. As the first move after the acquisition, the two said they will immediately lower prices at Whole Foods Market, and that Amazon and Whole Foods will begin to integrate Amazon Prime into Whole Foods' point of sale system. The two also said they will immediately start offering Whole Foods Markets' private label brands--365 Everyday Value, Whole Foods Market, Whole Paws and Whole Catch--through Amazon.com, AmazonFresh, Prime Pantry and Prime Now. John Mackey, the co-founder and CEO of Whole Foods Market, will remain as CEO after the acquisition, and the two said that Whole Foods Market's headquarters will stay in Austin. Amazo agreed to pay $13.7 billion for Whole Foods in June.