JAB snaps up Panera Bread for more than $7 billion

ST. LOUIS (AP) - 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.

It also owns Krispy Kreme Doughnuts, Jimmy Choo, Belstaff and Bally.  It is a privately held group focused on long term investments.

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.