Benzinga | Sep 30, 2021 03:49PM EDT

Krispy Kreme To Take Majority Controlling Position In Krispy K Canada For Undisclosed Sum

* Krispy Kreme Inc (NASDAQ:DNUT) has signed a definitive agreement to take majority control of franchisee and operator Krispy K Canada for an undisclosed sum.

* Current Krispy K Canada operating partners Christopher Lindsay and Kelcey Hamaker will remain as co-CEOs of the entity.

* Krispy Kreme expects to close the transaction in Q4 of 2021.

* Following the deal, Krispy Kreme will control 75% of sales across its global network.

* Upon closing, Krispy K Canada's revenue, which is currently reflected in Krispy Kreme's market development segment, will consolidate into its U.S. and Canada reporting segment.

* Price Action: DNUT shares are trading lower by 0.14% at $13.98 on the last check Thursday.