The Federal Trade Commission (FTC) is giving the green light to Amazon’s proposed $13.7 billion purchase of grocery chain Whole Foods, clearing the way for the deal to close this year.
Bruce Hoffman, the FTC’s acting competition bureau chief, said Wednesday the agency is dropping its review of the deal.
“Based on our investigation we have decided not to pursue this matter further,” Hoffman said in a statement.
“Of course, the FTC always has the ability to investigate anticompetitive conduct should such action be warranted.”
The deal was approved by Whole Foods shareholders earlier Wednesday.
The proposal was widely expected to be cleared since the two companies do not directly compete with each other. Amazon’s food shopping service accounts for a tiny fraction of the market, while Whole Foods caters mainly in their upscale grocery stores.
Still, the deal has sparked opposition from many who worry that such massive corporate consolidation could lead to Amazon dominating yet another industry.
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FTC approves massive Amazon-Whole Foods merger https://t.co/CAyWiaSJ0l pic.twitter.com/s1TyvoN9g2
— The Hill (@thehill) August 23, 2017
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