Whole Foods CEO John Mackey will remain CEO of the grocery store chain after the deal closes, and the store will continue to operate under the Whole Foods brands.
The deal is expected to close in the second half year.
“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,” Mackey said in a statement.
Whole Foods has been under pressure from Jana and Neuberger Berman who have called on Whole Foods to sell itself. The investors have criticized Whole Foods for its poor performance, and have suggested the chain could be merged with another grocer.
Amazon has been pushing to expand its online grocery business.
This story is developing. Please check back for further updates.
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