PepsiCo is selling Tropicana as customers continue to ditch juice [CNN]
Coca-Cola Company (The) (KO)
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Source: CNN
The sale is part of the company's broader efforts to focus on faster-growing beverages as customers increasingly ditch sugary drinks. In the deal announced Tuesday, PepsiCo's juice businesses in North America will be sold for roughly $3.3 billion to PAI Partners, with PepsiCo retaining a 39% stake in the newly formed business. The deal also includes the option for PepsiCo to eventually sell its European juice businesses at a later date. PepsiCo CEO Ramon Laguarta said in the press release that the sale will "free us to concentrate on our current portfolio of diverse offerings, including growing our portfolio of healthier snacks, zero-calorie beverages, and products like SodaStream which are focused on being better for people and the planet." Funds from the sale will be used to its strengthen the company's balance sheet and is expected to close later this year or early 2021 depending on regulatory approvals. PepsiCo's juice business has been a drag on its bottom line. Sales o
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