Emeryville, Calif. -- Coffee retailer Peet's Coffee & Tea said it is being taken private for approximately $977.6 million.
German conglomerate Joh. A. Benckiser – a minority stakeholder in an international coffee and tea company D.E. Master Blenders 1753 – will reportedly pay a premium $73.50 per share, putting the deal’s total value at nearly $1 billion.
The current management and employees will remain with Peet's, and its headquarters will stay in Emeryville, Calif. The acquisition, unanimously approved by Peet's board, is expected to close in about three months.
Privately held Benckiser is the majority owner of Coty, and also owns Labelux, a luxury goods company with brands such as Jimmy Choo, Bally and Belstaff.