ANKARA – PepsiCo today announced that it agreed to sell Tropicana and other juice brands for US$3.3 billion (RM13.9 billion).
The United States-based (US) multinational food-and-beverage (F&B) corporation in a statement said it has entered into an agreement with PAI Partners to sell Tropicana, Naked and other juice brands across North America, and an option to sell certain juice businesses in Europe, reported by Anadolu Agency.
PepsiCo will retain a 39% non-controlling interest in a newly formed joint venture and exclusive distribution rights in the US after the deal is closed.
PAI Partners – a Paris-based private equity firm with experience in F&B industries – will be the majority shareholder of the transferred business.
PepsiCo chairman and ceo Ramon Laguarta said after the deal, the company will focus on growing its portfolio of healthier snacks and zero-calorie beverages.
PAI managing partner Frederic Stevenin said there is growth potential to be realized in branded juice drinks.
The deal is expected to close late this year or early next year after regulatory approvals, according to the statement.
PepsiCo had bought Tropicana for US$3.3 billion in 1998.
The company said it generated more than US$70 billion net revenue last year, driven by its F&B portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Tropicana, SodaStream and Quaker. – Bernama, August 3, 2021
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