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That's 27% higher than Whole Foods' Thursday closing stock price of .06.

Despite Amazon's seemingly incongruent move, investors applauded the acquisition. The deal requires approval by Whole Foods' shareholders and regulators.

Amazon's smart speaker is available in two versions - the full sized 0 (£145) Echo shown here, and a smaller, (£40) version called the Echo Dot.

Amazon Echo relies on Microsoft's Bing search engine and Wikipedia, while Google Home uses the company's own Google Search.

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The FCC voted in May to officially begin repeal proceedings, and public comments on the matter are due by July 17.

Amazon said Friday it has agreed to buy Whole Foods Market for .7 billion, a stunning move to boost its grocery business even as the brick-and-mortar retail sector continues to sink under the weight of e-commerce.

In pursuing its largest acquisition ever, the Seattle-based online retail giant will pay per share in an all-cash deal.

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Grocery retail is a notoriously thin-profit-margin business.

And Whole Foods -- often derided as "Whole Paycheck" -- has struggled in recent years to keep up with emerging competitors that are expanding nationwide with cheaper items.

Shares of Amazon spiked 3.4% to 6.46 in morning trading. The companies expect the deal to be completed in the second half of 2017.

Other grocery stocks plummeted as investors contemplate an imminent industry shakeup and looming competition from Amazon. Amazon has to pay Whole Foods 0 million if the deal is not completed.

Amazon does not disclose Echo sales figures but has said it had trouble keeping the product in stock.

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