Online giant Amazon’s purchase of Whole Foods Market Inc. has cleared another hurdle.
On Aug. 23, the Federal Trade Commission ruled that the deal would not hamper competition or create an unfair advantage. The ruling came on the same day Whole Foods shareholders approved the deal, which was announced in June.
Amazon will buy Whole Foods for $42 per share in an all-cash transaction valued at about $13.7 billion, including Whole Foods’ net debt. Whole Foods will retain its headquarters in Austin, Texas, and John Mackey will remain chief executive officer. The retailer will continue to operate stores under the Whole Foods Market brand and source from established vendors and partners around the world, the company said.