Poppi’s Super Bowl ad.
Source: Poppi
Pepsi It bought the probiotic soda brand Poppi for more than $1.6 billion, it said Monday.
Food and beverage giants said they plan to acquire upstarts for $1.95 billion. The deal includes $300 million in expected cash tax benefits with a net purchase price of $1.65 billion.
Pepsi will also have to pay additional payments if Poppi achieves certain performance milestones within the set timeframe after the acquisition is over.
Pepsi did not disclose when the transaction is expected to be completed, awaiting regulatory approval.
Poppi founders Allison and Stephen Ellsworth launched the brand in 2018, and was founded by rival Olipop in the same year.
This is a developing story. Please check it for updates.
