Keurig Dr Pepper is spending more than $1 billion on a growing energy drink.
The beverage maker, co-headquartered in Frisco and Burlington, Mass., announced an agreement to acquire Ghost, a lifestyle sports nutrition business with a portfolio anchored by a leading ready-to-drink energy brand. The target company’s sales have more than quadrupled over the past three years.
KDP will initially purchase a 60% stake in Ghost and the remaining 40% stake in 2028. In the first stage of the transaction, KDP will make a cash investment of roughly $990 million in exchange for a 60% ownership stake. The first step is expected to close in late 2024 or early 2025.
In the second stage of the transaction, KDP will purchase the remaining stake “at a pre-negotiated valuation scale” that reflects Ghost’s 2027 financial performance.
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