KDP · 8-K · 20260806PR000048
Acquisition / Partnership / Divestiture
Keurig Dr Pepper Inc. · 2026-08-06 · Importance 75 · Surprise 60 · No source text
The pro forma adjustments assume completion of KDP’s acquisition of JDE Peet’s and subsequent spin of Global Coffee Co. Financing for the JDE Peet’s Acquisition includes a $3.6 billion delayed draw term loan, approximately $6 billion of senior unsecured notes, a $4 billion joint-venture investment, and $4.5 billion of convertible preferred stock. Acquisition, integration, and financing costs related to the JDE Peet’s Acquisition and Global Coffee Co. spin totaled $789 million in the last twelve months ended June 30, 2026. The pro forma adjustments also include $314 million of acquired-inventory step-up expense and $205 million of legacy JDE Peet’s transformation and corporate-action costs.
Key facts
- First six months 2026 net cash used in investing activities: $(16,899) million (includes acquisitions of businesses, net of cash acquired $(16,615) million) source
- The pro forma transaction accounting adjustments include a Delayed Draw Term Loan of $3.6 billion source
- The pro forma transaction accounting adjustments include Senior Unsecured Notes of approximately $6 billion source
- The pro forma transaction accounting adjustments include a JV Investment of $4 billion source
- The pro forma transaction accounting adjustments include Issuance of Convertible Preferred Stock of $4.5 billion source
- JDE Peet’s acquisition closed on April 1, 2026 source
- Intangible assets, net as of June 30, 2026: $38,113 million source
- Goodwill as of June 30, 2026: $29,760 million source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -10.8% | Acquisition, integration, and financing costs - Acquisition of JDE Peet's and Spin of Global Coffee Co. (items affecting comparability)… |
| cash | negative | realized | — | First six months 2026 net cash used in investing activities: $(16,899) million (includes acquisitions of businesses, net of cash acquired… |
| liability | negative | committed | — | The pro forma transaction accounting adjustments include a Delayed Draw Term Loan of $3.6 billion |
| liability | negative | committed | — | The pro forma transaction accounting adjustments include Senior Unsecured Notes of approximately $6 billion |
| assets | positive | committed | — | The pro forma transaction accounting adjustments include a JV Investment of $4 billion |
| revenue | positive | realized | — | JDE Peet’s acquisition closed on April 1, 2026 |
| assets | positive | realized | — | Intangible assets, net as of June 30, 2026: $38,113 million |
| assets | positive | realized | — | Goodwill as of June 30, 2026: $29,760 million |