Money
PepsiCo is selling Tropicana as customers continue to ditch juice
Pepsi is selling a controlling stake of its juice brands, which includes Tropicana and Naked, to a private equity firm in a multibillion-dollar deal.
The sale is part of the company’s efforts to focus on faster-growing beverages as consumers are ditching sugary drinks.
The deal will be worth 3.3 billion dollars with the option for Pepsi to eventually sell its European juice businesses at a later date.
Funds from the sale will be used to strengthen the company’s balance sheet and is expected to close later this year or early 2022 depending on regulatory approvals.