JAB Holdings Inc., the company that owns Krispy Kreme, Caribou Coffee and Einstein Bros. Bagels, among other groups, has purchased Panera Bread for more than $7 billion, Panera announced Tuesday.
According to Reuters, the move is the biggest-ever U.S. restaurant deal.
The deal is the second largest restaurant deal ever made in North America, The Associated Press reported. The biggest was the buyout of Tim Hortons fast food chain in 2014 by the parent company of Burger King, 3G Capital.
JAB agreed to purchase Panera for approximately $7.5 billion at $315 a share. The investment firm will acquire Panera’s $340 million debt. It will also turn Panera into a private company.
The deal is set to be finalized in the third quarter.
Panera, founded in the 1980s, was previously owned by Au Bon Pain Co. There are about 2,000 locations of the bakery-cafe restaurants in the U.S.
$7 billion?!?!?……that’s a lot of dough………oh, you saw that comin’…..lol……