WATERBURY, Vt. (AP) -- Green Mountain Coffee Roasters Inc. said Monday that it completed its acquisition of the Tully's Coffee brand and wholesale coffee business from Tully's Coffee Corp. for $40.3 million.
The deal, originally announced in September, was completed after receiving shareholder approval and satisfaction of closing conditions. It was financed through Green Mountain's existing $225 million senior revolving credit facility.
Company officials said the addition of the Seattle-based Tully's brand will expand Green Mountain's presence on the West Coast.
Tully's retail locations will continue to operate under license and supply agreements with Green Mountain. The retail and international business will remain an independent company.
Green Mountain said it still expects the deal to have an either neutral or slightly positive effect on its earnings for the first year, and then boost earnings after that.
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