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Amazon is buying Whole Foods Market for a reported $13.7 billion, or $42 a share, Bloomberg reports.

Amazon has spent a decade attempting to break into the grocery delivery business, and the acquisition of the popular organic grocery store is seen as a major push in that direction. The deal "would turn Amazon into a grocery giant overnight and help it sideline Instacart Inc., a startup that delivers grocery orders from Whole Foods stores in more than 20 states and Washington, D.C.," Bloomberg reports.

In May, Amazon shares crossed over the $1,000 threshold for the first time ever, following a booming April earnings report.