KDP · 10-Q · 2026Q3 · Full report
Acquisition / Partnership / Divestiture
Keurig Dr Pepper Inc. · 2026-11-09 · Importance 71 · Surprise 60 · Contradicted
KDP substantially completed its JDE Peet’s tender offer on April 1, 2026, paying approximately €15.1 billion ($17.4 billion) for tendered shares, and completed acquisition of the remaining shares on October 26, 2026. Acquisition funding included a $3.6 billion delayed-draw term loan, approximately $6 billion of Maple Notes, a $4 billion JV investment, and $4.5 billion of convertible preferred stock. Acquisition, integration, and financing costs, including costs related to FX risk and the planned Separation, totaled approximately $756 million pre-tax in the first nine months. Third-quarter Chobani transactions, including the sale of KDP’s equity interests and certain facilities, generated a net pre-tax gain of approximately $330 million.
Key facts
- During the first nine months of 2026, Keurig Dr Pepper arranged a $3.6 billion delayed draw term loan, approximately $6 billion in Maple Notes, a $4 billion JV Investment, and $4.5 billion in convertible preferred stock to fund the JDE Peet's acquisition. source
- Keurig Dr Pepper completed third-quarter 2026 transactions with Chobani, including selling its equity interests and certain facilities, for an aggregate net pretax gain of approximately $330 million. source
- Keurig Dr Pepper offered €31.85 per JDE Peet's share in its tender offer, which commenced January 15, 2026; aggregate cash paid for tendered shares was approximately €15.1 billion, or $17.4 billion. source
- Keurig Dr Pepper's first-nine-month 2026 cash used in investing activities was $16,551 million, compared with $390 million in the prior-year period; the JDE Peet's acquisition was the primary driver of the change. source
- Keurig Dr Pepper acquired JDE Peet's on April 1, 2026, and the acquisition contributed to results beginning in the second quarter of 2026. source
- Keurig Dr Pepper incurred approximately $756 million of pretax acquisition, integration, and financing costs during the first nine months of 2026 related to the JDE Peet's acquisition and planned Separation. source
- Keurig Dr Pepper completed proceedings to acquire the remaining JDE Peet's ordinary shares on October 26, 2026, and owns 100% of its ordinary shares. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -18.6% | Keurig Dr Pepper's first-nine-month 2026 cash used in investing activities was $16,551 million, compared with $390 million in the… |
| operating_income | negative | realized | -10.3% | Keurig Dr Pepper incurred approximately $756 million of pretax acquisition, integration, and financing costs during the first nine months… |
| operating_income | positive | realized | +4.5% | Keurig Dr Pepper completed third-quarter 2026 transactions with Chobani, including selling its equity interests and certain facilities,… |