Amazon is buying Whole Foods Market, as it continues to expand its foothold in the retail business.
Amazon announced the move on Friday morning, saying it would pay about $13.7 billion for the brand.
Whole Foods, which has about 87,000 employees in more than 460 stores worldwide, will continue to operate its stores under the Whole Foods Market brand in the deal. Amazon is clearly banking on the market share and brand name Whole Foods has built since it was founded in 1978.
"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 statement. "They're doing an amazing job and we want that to continue."
Shortly after the announcement was made, Whole Foods stock (WFM) was trading at $32.77 per share in pre-market trading, down slightly from Thursday's closing price of $33.06. Meanwhile, Amazon's stock (AMZN) was rising at the same time, up to $984 per share from $964.17 on Thursday.
Clint Davis covers entertainment and trending news topics for the Scripps National Desk. Follow him on Twitter @MrClintDavis.