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Pepsi acquisition of Lebedyansky complete

PepsiCo and The Pepsi Bottling Group (PBG) have completed a joint acquisition of a 75.53% stake in Russia's leading branded juice company, JSC Lebedyansky.

PepsiCo and PBG will initiate a mandatory offer for the remaining shares of Lebedyansky, in accordance with Russian law, in the near future. The acquisition does not include the company's baby food and mineral water businesses, which earlier were spun off to shareholders in a separate transaction.

Lebedyansky is the world's sixth-largest juice manufacturer and the largest in Russia, with an estimated market share in Russia of around 30% and annual revenues in 2007 of approximately $800m from its juice business.

"We're looking forward to building Lebedyansky's portfolio of strong, popular brands in one of the world's fastest-growing juice markets," said Michael White, PepsiCo International CEO and vice chairman of PepsiCo.

"It's yet another way we're transforming our product line-up to include more beverages and foods that address the growing consumer interest in health and wellness."

"The combination of our strong brand portfolio, superior go-to-market capabilities, and talented workforce has enabled PBG to build a strong and growing business in Russia," said PBG President and CEO, Eric Foss.

"Lebedyansky has a reputation for excellence in each of these three areas as well, making them a terrific addition to the Pepsi family. Working together, PBG, PepsiCo and Lebedyansky will expand the Russian juice category in ways that benefit both customers and consumers."

Under agreements reached, PepsiCo and PBG have acquired through a joint venture the 75.53% of Lebedyansky held by its four largest individual shareholders. The venture is owned 75% by PepsiCo and 25% by PBG.

The approximately US$1.4bn PepsiCo and PBG paid to acquire the stake in Lebedyansky implies a total enterprise value for Lebedyansky, including debt and spin-off related adjustments, and excluding the company's baby food and mineral water business, of approximately US$2bn.

Additional terms of the agreement were not disclosed. PepsiCo and PBG indicated the transaction will not materially affect their previously provided guidance for 2008.

Related links

• Top Russian juice maker posts loss

• Pepsi to buy Russian juice leader

External website(s):

• www.pepsico.com

• www.pbg.com

• www.lebedyansky.com