Walmart, the world’s largest retailer of grocery products, is buying Whole Foods Marketplace, the largest grocery marketplace in the United States.
The announcement comes as Walmart grapples with a massive labor shortage and is grappling with declining customer traffic.
Amazon is buying Target, a department store chain, for $5.2 billion.
Last year, Walmart’s shares plummeted, wiping $4 billion off its market value.
Walmart’s move comes after Walmart CEO Doug McMillon said on Twitter on Tuesday that Amazon is “on the right track.”
Walmart has already made some significant acquisitions in recent months.
In September, it acquired a $1 billion, 100 percent share in The Weather Channel.
Walter Robb, the Walmart CEO who replaced Steve Easterbrook, also recently said that the retailer was “on track to become a $50 billion global retailer.”
This story is from the December 21st, 2018 issue of Fortune.
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