ST. LOUIS -- 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.