The parent company of North Carolina based Krispy Kreme, JAB Holding Company, has just reached a deal with the Panera Bread Company to buy them out for an impressive $7.5 billion.
The deal amounts to JAB paying $315 per share for the publicly traded Panera Bread Co. – almost doubling the $185.69 share price the company was trading at this past November.
The deal will allow JAB Holdings to expand their coffee and breakfast empire, which currently consists of Peet’s Coffee and Tea, Caribou Coffee, and K-cup coffee pod maker, Keurig.
The transaction is expected to close during the third quarter of this year, and will include the assumption of $340 million of net debt.
Panera Bread currently has 2,000 bakery-cafes throughout the United States.