Peet's Coffee sold to German conglomerate

It had been rumored that Starbucks was interested in buying Peet's.

And this final note, a bit of buzz in the caffeinated world of upscale coffeehouses.

The Bay Area-based Peet's Coffee and Tea has been sold. But if you think it's about to get a familiar green Starbucks awning. it's not.

A German luxury goods conglomerate bought Peets for $977 million, and it joins the high-end likes of Bally and shoemeister Jimmy Choo in the company's portfolio. Peet's headquarters will stay in Emeryville, Calif.

About the author

Tess Vigeland is the host of Marketplace Money, where she takes a deep dive into why we do what we do with our money.

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