PepsiCo will sell Tropicana and other juices to a private equity firm in exchange for pretax proceeds of $3.3 billion.
PepsiCo will have a 39% non-controlling stake in a newly formed joint venture in the deal with PAI Partners. The company will also keep exclusive U.S. distribution rights to the portfolio of brands in its chilled direct store delivery for small-format and foodservice channels, AP reports.
PepsCo Inc., based in New York, also has the option to sell certain juice businesses in Europe.
