UPDATE: Starbucks Announces Agreement to Acquire La Boulange Bakery for $100M
Starbucks Coffee Company (NASDAQ: SBUX) today announced that it has entered into a definitive agreement to acquire San Francisco-based Bay Bread, LLC and its La Boulange® bakery brand, as well as to hire renowned French baker Pascal Rigo. This acquisition and Pascal's visionary leadership will bring the artistry of the French bakery to the marketplace in a similar way that Starbucks brought the romance of the Italian espresso bar to many North American coffee consumers for the first time.
Starbucks entered into an agreement to acquire Bay Bread, LLC and the La Boulange® bakery brand for $100 million in cash and expects the acquisition to dilute earnings by approximately $0.02 per share in the second half of fiscal 2012, compared to the previously announced earnings targets. Bay Bread, LLC and the La Boulange® bakery brand will be a wholly-owned subsidiary of Starbucks Corporation.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.