Shares of PepsiCo Inc. undefined rose 1.0% in premarket trading Tuesday, after the beverage and snacks company announced an agreement to sell Tropicana,...
Shares of PepsiCo Inc. PEP, -0.40% rose 1.0% in premarket trading Tuesday, after the beverage and snacks company announced an agreement to sell Tropicana, Naked and other juice brands across North America for $3.3 billion in cash to PAI Partners. The deal includes options to sell certain juice businesses in Europe. PepsiCo said it will retain a 39% interest in a newly formed joint venture, and will retain exclusive U.S. distribution rights of the brands.
"This joint venture with PAI enables us to realize significant upfront value, whilst providing the focus and resources necessary to drive additional long-term growth for these beloved brands," said PepsiCo Chief Executive Ramon Laguarta.
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