CBS Local — Huge news broke today that Amazon will be purchasing Whole Foods for $13.7 billion, and Twitter reacted accordingly.
John Mackey, Whole Foods co-founder and CEO, will remain in his position after the purchase is complete. Amazon had pondered looking to buy Whole Foods last year, but ultimately decided not to.
The deal breaks down to $42 per share.
Since the information has become public, Amazon’s stocks have soared while grocery store competitors, like Wal-Mart and Kroger, have seen their stocks plummet.
The takeover is reportedly set to be complete by the end of this year.