Whole Foods stock soars after being bought by Amazon
Amazon announced a huge move to buy Whole Foods for $13.7 billion Friday morning.
Trading of Whole Foods shares was temporarily halted shortly after the announcement and the stock saw a huge bump once trading resumed.
Shares of Whole Foods are currently trading at around the offer price of $42, which puts the grocer up about 27.5% on its opening price.
The deal sent shares of Amazon higher as well. Shares of the acquiring company are up 1.38% to $988.67. Shares were temporarily trading above $1,000, a milestone the company only recently crossed.
Markets seem to like the deal, as Whole Foods’ competitors are nearly all down. Walmart, Costco, Target, Kroger Dollar General and Supervalu are all down.
“This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers,” Whole Foods CEO John Mackey said in the release.
Wall Street is helping to fund the merger. “The Company expects to finance the Merger with debt financing, which could include senior unsecured notes issued in capital markets transactions, term loans, bridge loans, or any combination thereof, together with cash on hand,” Amazon wrote in a release. Goldman Sachs will have the leading role in financing the deal.
Click here to watch Whole Foods’ share price in real time…
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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