Panera Bread has been sold to JAB, the owner of Caribou Coffee and Peet's Coffee and Tea, for $7.5 billion, CNBC reported.
The Luxembourg-based company has bought several U.S. breakfast and coffee companies in recent years, including Krispy Kreme Doughnuts and Keurig Green Mountain. One consumer researcher called Panera the "crown jewel" for JAB, and said the move "makes a lot of sense."
Panera has 2,000 cafes throughout the U.S. Through the last six quarters, they have reported better-than-expected earnings per share.
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Under the deal, JAB will assume Panera's $340 million debt.