Amazon.com said on Thursday it plans to complete its $13.7 billion acquisition of Whole Foods Market on Monday after winning antitrust approval from US regulators on Wednesday.
The companies said in a joint statement that Whole Foods will offer lower prices starting on Monday “on a selection of best-selling grocery staples across its stores.” Amazon also said that it will start selling Whole Foods brand products on its website.
Amazon said Market will operate as a subsidiary and John Mackey will remain as CEO and Whole Foods Market’s headquarters will remain in Austin, Texas.
Amazon’s $13.7 billion purchase of Whole Foods, which will be completed on Monday, has been hanging over a brick-and-mortar retail sector unsure of how to respond to the world’s biggest online retailer.
Members of its $99-per-year Prime shopping club would eventually be rolled into customer rewards program and be eligible for special offers and discounts.
Some grocery store stocks fell after the news. Kroger was down 4.6 percent. Wal-Mart Stores was down 2.1 percent.
Amazon said starting Monday it will cut prices on Trade bananas, organic avocados, organic large brown eggs, organic farmed salmon and tilapia, organic baby kale and baby lettuce, some apples, butter, and other products.
Amazon said its Prime members will eventually become part of Market’s customer rewards program.