Panera Bread sold to European company for $7 billion

Krista Johnson passes an order to a customer at the Panera store in Brookline, Mass., Monday, March 8, 2010.

Panera is being acquired by Europe's JAB Holding Co. for more than $7 billion.

JAB is better known for the growing stable of brands it owns, including a controlling stake in Peet's Coffee & Tea, most of Caribou Coffee Co., Stumptown Coffee and Keurig Green Mountain.

JAB will pay $315 per Panera Bread Co. share. The transaction, which includes approximately $340 million of debt, is expected to close in the third quarter.

Panera is based in St. Louis.

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