Keurig Dr Pepper Takes Control of JDE Peet’s

Keurig Dr Pepper Inc. (KDP) and JDE Peet’s N.V. jointly announced that KDP has acquired 96.22% of JDE Peet’s ordinary shares through a recommended public cash offer made by Kodiak BidCo B.V. The transaction is described as a major milestone in KDP’s strategic transformation and long‑term growth agenda, bringing together complementary coffee businesses.

The offer has been conducted under an offer memorandum dated 15 January 2026 and is subject to Dutch disclosure and procedural requirements. The companies state that the announcement itself does not constitute an offer to buy or subscribe for securities, with the formal tender governed solely by the offer memorandum.

With the acquisition, KDP is combining its Keurig coffee business with JDE Peet’s portfolio, which the companies describe as world‑class brands and deep category expertise. KDP aims to build a global coffee powerhouse under a future standalone entity referred to as Global Coffee Co.

Following an interim operating period, KDP plans to separate into two independent, U.S.-listed companies: a North America–focused consumer refreshment beverages business (“Beverage Co.”) and the coffee‑focused “Global Coffee Co.”. The separation timing will depend on milestones such as leverage levels and market conditions, with operational readiness targeted by year‑end 2026.

KDP’s Board of Directors has appointed Rafael Oliveira as Chief Executive Officer of its coffee operating unit and as CEO of the future Global Coffee Co. after the planned separation. During the integration period, Oliveira will join KDP’s Executive Leadership Team and report to KDP CEO Tim Cofer.

Cofer is expected to serve as CEO of Beverage Co. once the separation is completed. KDP Chair Pam Patsley said the Board ran a process that considered internal and external candidates and expressed confidence in Oliveira’s leadership of the combined coffee business.

Oliveira will remain Executive Director and CEO of JDE Peet’s, a role he has held since November 2024. His prior experience includes senior executive positions at The Kraft Heinz Company (KHC) and roles at Goldman Sachs Group (GS), as described in the joint release.

KDP says it is advancing detailed integration efforts focused on operational excellence, synergy capture, leadership alignment and disciplined execution. The intent is to ensure a seamless transition for customers, consumers and employees as the combined coffee operations are brought together.

Company leaders describe the combination as uniting talent, systems and brand portfolios under a shared vision for global leadership in coffee. They highlight a brand‑led strategy already underway at JDE Peet’s and position the integrated coffee business to operate across multiple formats, segments, channels and price points.

Because KDP now holds more than 95% of JDE Peet’s shares, the companies will seek termination of JDE Peet’s listing on Euronext Amsterdam. In consultation with Euronext, they have set 29 April 2026 as the last day of trading, with delisting effective 30 April 2026.

Shareholders who did not tender during the initial offer period may do so in a post‑closing acceptance period that began on 30 March 2026 at 09:00 CEST and will end on 13 April 2026 at 17:40 CEST. Tendering shareholders will receive the offer price for each accepted share, with payment expected no later than the fifth business day after the period ends.

During the post‑closing acceptance period, shareholders cannot withdraw shares that have already been tendered. The offeror will announce the final number and percentage of shares acquired within three business days after the close of this period, in line with Dutch regulatory requirements.