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In a further sign of soft-drink makers following consumers’ shift from more sugary products to healthier options, PepsiCo has agreed to sell a majority stake of Tropicana, Naked and other juice brands in North America to private equity firm PAI Partners.
PepsiCo will receive pre-tax cash proceeds of $3.3 billion and keep a 39% non-controlling interest in a newly formed joint venture with PAI. It will also retain exclusive U.S. distribution rights to the juice brands.