Bay Area-based Peet's Coffee's stock got a jolt (ahem) this morning after the company announced that Germany conglomerate Benckiser will buy the coffee/tea company for a bold $977.6 million. Peet's, founded in 1966, competes with Seattle-based Starbucks, though many (rightfully) consider the former to be vastly superior to the latter. (FWIW, unlike most local artisan roasters, like Blue Bottle, et al., Peet's will also make you an iced espresso.)

The deal should close in around three months. According to New York Times, "Once it is completed, Peet's will be privately-held and will still be run by its current management team. It will remain based in the San Francisco Bay Area, with its headquarters in Emeryville, California." Shortly after the news, shares of Peet's this morning jumped from $73.70 to $74.25 in morning trading on Nasdaq.

Started by Alfred Peet in the '60s, Peet's began as a single-store joint along Berkeley's esteeemed "Gourmet Ghetto" near Chez Panisse and the University of California at Berkeley. The company now operates an estimated 190 cafes throughout the U.S. with kiosks at major airports. They also sell beans at most major grocery stores.