PepsiCo has struck a deal to buy South Africa's Pioneer Food Group for $1.7...
) for $1.7 billion, the companies said on Friday, lifting Pioneer’s shares and boosting a sector that has been hit by drought and tough trading conditions.
“Pioneer Foods forms an important part of our strategy to not only expand in South Africa, but further into sub-Saharan Africa as well,” PepsiCo Chairman and CEO Ramon Laguarta said in a statement. “It’s a vote of confidence in South Africa at a time when we really need it,” Pioneer CEO Tertius Carstens told Reuters.
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PepsiCo to acquire South Africa's Pioneer Foods for about $1.7 billion in cashPepsiCo Inc. said Friday it has reached an agreement to acquire South AFrica's Pioneer Foods in an all-cash deal valued at about $1.7 billion. The company is playing 110 rand ($7.90) per share, equal to a 56% premium over the 30-day volume weighted average price prior to an announcement on July 15. "This acquisition will help PepsiCo gain a solid beachhead for expansion into Sub-Saharan Africa by boosting the company's manufacturing and go-to-market capabilities, enabling scale and distribution," the company said in a statement. Pioneer owns a range of cereals, juices and other African staples, including brands that are popular in Africa including Weet-Bix, Liqui-Fruit, Ceres, Sasko, Safari, Spekko, and White Star. The deal will be funded through a mix of cash and debt and is expected to close by the first quarter of 2020. Pioneer Food shares climbed more than 30% on the news. PepsiCo was down 0.2% premarket, but has gained 20% in 2019, while the S&P 500 has gained 19%.
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