A holding company that oversees companies such as Krispy Kreme donuts, Keurig, and Caribou Coffee has agreed to merge with the Panera Bread Company.

JAB Holding Company announced on Wednesday that the companies have entered into a definitive merger agreement under which JAB will acquire Panera for $315 per share in cash, in a transaction valued at approximately $7.5 billion.

The deal includes the assumption of approximately $340 million of Panera's debt. 

The agreement was unanimously approved by Panera’s Board of Directors, according to a news release.

Panera operates 2,024 bakery-cafes in 46 states, the District of Columbia, and in Ontario Canada operating under the Panera Bread, Saint Louis Bread Co. and Paradise Bakery & Café names.

The Warren, Ohio-based Covelli Enterprises is the largest franchisee of Panera Breads with over 300 locations in five states and Canada.

“By any measure, Panera has been one of the most successful restaurant companies in history. What started as one 400 square foot cookie store in Boston has grown to a system with over 2,000 units, approximately $5 billion in sales, and over 100,000 associates,” said Ron Shaich, Founder, Chairman, and CEO of Panera.

JAB is an international investment company associated with companies such as fashion company Coty,  Bally, Jimmy Choo and others.

The transaction is expected to close during the third quarter of 2017, subject to the approval of Panera shareholders and the satisfaction of customary closing conditions.