Amazon has announced that it will be buying Whole Foods Market, in a deal valued at nearly $14 billion, the company announced Friday.
"Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy," Amazon CEO Jeff Bezos said in a press release. "Whole Foods Market has been satisfying, delighting and nourishing customers for nearly four decades – they’re doing an amazing job and we want that to continue."
The deal must be approved by Whole Foods' stakeholders and obtain approval. It's expected to close later in 2017, the companies say.
Under the deal, Whole Foods will continue to operate stores under their brand name and CEO John Mackey will remain in his role, Amazon said in a statement. The headquarters of the grocer will also remain in Austin, Texas, the statement said.
The deal comes a month after Whole Foods announced a board shake-up and cost-cutting plan amid falling sales.