EMERYVILLE (CBS/AP) — Peet’s Coffee & Tea is being taken private for approximately $977.6 million.

German conglomerate Joh. A. Benckiser will pay $73.50 per share, which is a 29 percent premium to Peet’s Friday closing stock price of $57.16. The companies put the deal’s total value at about $1 billion.

READ MORE: San Jose Fire, PG&E Crews Respond to Gas Leak on Zanker Road

BDT Capital is a minority investor in the deal.

KCBS’ Jeffrey Schaub Reports:

READ MORE: Santa Cruz County Reports Unvaccinated Man’s COVID Death Is Area’s 212th

Peet’s Coffee & Tea Inc. has about 13.3 million outstanding shares, according to FactSet. The current management and employees will remain with the company and its headquarters will remain in Emeryville, Calif.

The acquisition, which was unanimously approved by Peet’s board, is expected to close in about three months. A majority of Peet’s outstanding stock must be voted in favor of the deal at an upcoming special shareholders meeting.

MORE NEWS: San Jose State University To Pay Student-Athletes $1.6M For Response To Sex Assault, Harassment Claims

(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)