Amazon to buy upmarket grocer Whole Foods for $13.7 billion

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Amazon.com Inc said on Friday it would buy U.S. organic supermarket chain Whole Foods Market Inc for $13.7 billion, including debt, marking the internet retailer’s largest deal and biggest foray into the brick-and-mortar retail sector.

The deal, which puts a 27 percent premium on Whole Foods’ closing share price on Thursday, would could give the grocer a major competitive edge by allowing it to tap into Amazon’s massive power to buy and sell goods at a lower cost, reports Reuters.

Whole Foods recently had come under pressure from activist hedge fund Jana Partners LLC, prompting it to overhaul its board.

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