Keurig Dr Pepper to sell back Chobani stake for $925 million

Keurig Dr Pepper announced on Tuesday that it will divest its entire investment in Chobani, selling back its stake for $925 million. The beverage company, which recently completed the acquisition of JDE Peet’s, is restructuring its business following the purchase. Keurig will transfer $800 million in equity to Chobani and additionally sell a manufacturing facility and warehouse in Allentown, Pennsylvania, for $125 million.

Following the $18 billion JDE Peet’s acquisition in April, Keurig has been reconfiguring its portfolio. In addition to this sale, the company is working to separate its coffee and beverage operations into two publicly traded entities in the United States. Chobani plans to invest around $1.2 billion over the next five years in the facility to develop milk with higher protein content and lower sugar levels than conventional milk.