Deal with France’s PAI will ‘free’ group to focus on calorie-free drinks and healthier snacks
PepsiCo has agreed to sell a controlling stake in its Tropicana and Naked juice brands to the French private equity firm PAI Partners for $3.3bn, as it seeks to focus instead on calorie-free drinks and products it claims are better for the environment such as SodaStream.
PAI, which also owns the Häagen-Dazs and Mövenpick ice-cream brands in a joint venture with Nestlé, will buy a 61 per cent stake in a new company holding the brand rights for the juices. Pepsi will own the remaining 39 per cent.
The deal will “free” Pepsi to focus on growth in other areas such as healthier snacks, zero-calorie drinks and SodaStream products, its chief executive Ramon Laguarta said in a statement. It bought SodaStream, which makes a device that carbonates water, in a $3.2bn deal in 2018.
Read more/Source: FT
