Krispy Kreme Doughnuts has officially agreed to a $1.35 billion sell-off to German conglomerate JAB Beech, a subsidiary of the JAB Holding Company, according to a press release from Krispy Kreme.
The sell price of $1.35 billion could buy you roughly 150 million dozen donuts from the donut giant—a stunning 1.8 billion sugar glazed Krispy Kreme donuts that, put in line, could circle the Earth about four times.
Approved by the donut giant’s board of directors, the agreement features a 25 percent premium to the company’s closing stock price on May 6, which was $21 per share.
Krispy Kreme’s CEO, Tony Thompson said the brand will “remain focused on our long term strategy and continuing to offer our premium, high-quality doughnuts, and sweet treats to consumers around the world.”
Jim Morgan, Krispy Kreme’s board of directors chairman said, “For nearly 80 years, our iconic brand has been touching and enhancing lives through the joy that is Krispy Kreme.
“This transaction puts us in the best possible position to continue to spread that joy to a growing number of people around the world while delivering significant value to Krispy Kreme shareholders. I am confident the JAB team is the right partner with whom to continue building upon our incredible legacy,” Morgan said.
Peter Harf, Senior Partner at JAB, said the company was “thrilled to have such an iconic brand as Krispy Kreme joining the JAB portfolio.”
“We feel strongly that Krispy Kreme will benefit greatly from our long-term focus and support for management’s vision in building on the legacy of this exciting brand as an independent standalone entity,” Harf said.
Headquartered in Winston-Salem, N.C., Krispy Kreme was founded in 1937 and now has over 1,100 Krispy Kreme shops in more than 26 countries around the world.
Below, check out a YouTuber user knock out a dozen donuts in just over 30 seconds: