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.

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.

Panera Bread fans shouldn’t see any changes as a result of the chain’s sale, according to its founder and CEO, who is staying on as its leader. Ron Shaich (SHAYK) says the sale to JAB Holdings will allow management to focus on transformational efforts including the expansion of delivery and digital ordering.