Keurig Dr Pepper Completes $925M Chobani Divestiture and Asset Sale

Transaction Summary

On September 28, 2026, Keurig Dr Pepper Inc. (NASDAQ: KDP), through its subsidiaries DPS Holdings Inc. and Mott's LLP, completed previously announced transactions with FHU US Holdings, LLC and its affiliates ("Chobani").

Key Terms & Structure

• Equity Interest Redemption: KDP completed the redemption of all of its indirect equity holdings in Chobani for aggregate consideration of $800 million, consisting of:
  • $400 million in cash
  • $400 million promissory note issued by Chobani maturing on December 26, 2026
• Asset Sale: KDP sold certain assets, including leasehold interests in two facilities located in Allentown, Pennsylvania, for $125 million in cash.

Financial & Strategic Impact

• Total Consideration: $925 million ($525 million in immediate cash proceeds and $400 million via a short-term promissory note due in late December 2026).
• Liquidity & Capital Allocation: The transaction significantly enhances KDP's liquidity profile and provides substantial cash inflows that could support debt reduction, share repurchases, or core beverage business reinvestment.
• Portfolio Rationalization: Fully unwinds KDP's non-core indirect ownership in Chobani, aligning with management's strategic focus on core beverage brands and distribution.