KDP · Keurig Dr Pepper Inc.

Keurig Dr Pepper Inc. has successfully completed its acquisition of JDE Peet’s N.V., a transformative transaction that creates a global coffee powerhouse. The company acquired 96.22% of the outstanding ordinary shares of JDE Peet’s through a tender offer conducted by its wholly-owned subsidiary, Kodiak BidCo B.V. The total aggregate consideration paid was approximately €14.86 billion, or €31.85 per share in cash. The acquisition was funded through a combination of capital raises, including the issuance of $4.5 billion in Series A Convertible Perpetual Preferred Stock to investors including KKR and Apollo, and a $4 billion capital contribution from a Pod Manufacturing Joint Venture with investors managed by Apollo, KKR, and Goldman Sachs Asset Management. The company also utilized proceeds from notes offerings and a delayed draw term loan. In connection with the financing, KDP terminated its 364-Day Bridge Credit Agreement dated August 24, 2025. Concurrent with the acquisition, KDP announced that Rafael Oliveira, currently CEO of JDE Peet’s, has been named CEO of the future Global Coffee Co., the entity to be spun off following the planned separation of KDP’s coffee and refreshment beverage businesses. JDE Peet’s shares will be delisted from Euronext Amsterdam on April 30, 2026.