LUXEMBOURG — Investment firm JAB Holding Co. is acquiring Mondelez International’s stake in the coffee and tea company JDE Peet’s in a €2.16 billion ($2.34 billion) deal.

JDE Peet’s also appointed former Kraft Heinz exec Rafa Oliveira as its new CEO as the coffee seller said it’s sales have put it on track to achieve its full-year outlook

The move means the Reimann family of Germany is increasing its control over the struggling coffee maker as its shares trade near all-time lows.

Mondelez International agreed to sell 86 million JDE Peet's shares to JAB for €25.10 per share. JAB also distributed shares to 70 limited partners, increasing free float to 32%.

German conglomerate JAB has agreed to acquire Mondelez's 86 million shares in Dutch coffee maker JDE Peet's for 25.10 euros per share, amounting to a total of 2.2 billion euros ($2.4 billion). Following the transaction,

J AB announced that it agreed to acquire Mondelez’s 86M shares in JDE Peet’s for EUR 25.10 per share. Additionally, JAB has distributed shares of JDE Peet’s to more than 70

JAB Holding Company has agreed to buy Mondelez (NASDAQ:MDLZ) International’s 86 million shares in JDE Peet’s for €25.10 per share, a deal worth about €2.16 billion. This purchase will boost JAB’s control over JDE Peet’s,