Lavazza has been reducing its stake in Keurig to raise cash for deals with other companies.
Keurig, which sells single-serve coffee machine, said it will buy 5.23 million shares of its shares from Lavazza for USD 119.18 per share, a three per cent discount from Keurig's closing price of USD 122.87 on Friday.
The deal is expected to close by March 3. At that time, Lavazza's stake in Keurig will drop to three per cent from 6.1 per cent.
Shares of Keurig Green Mountain Inc, based in Waterbury, Vermont, rose USD 1.14 to USD 124.01 in morning trading today.
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