Jamba Juice and SVI and Services Acquisition Corp International (SVI) announced that Jamba Juice's shareholders have approved a merger with SVI.
Upon consummation of the merger, SVI will seek to change its name to Jamba Inc. Under terms of the agreement, Jamba Juice shareholders will receive cash of $265 million less certain indebtedness, transaction expenses, and amounts escrowed for indemnity claims. Closings of the merger and SVI financing are subject to customary conditions.
Jamba Juice produces freshly blended-to-order fruit smoothies, juices, and snacks. The firm has more than 533 company and franchised stores in 26 states nationwide. SVI was formed specifically to consummate a business merger.