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PepsiCo plans to acquire Pioneer Foods

Date: Jul 19, 2019

United States-based beverage and snack maker, PepsiCo (PEP.O), is planning to acquire South Africa’s Pioneer Food Group for around $1.7 billion, the two companies said on Friday, as it targets expansion in Africa.

PepsiCo offered a cash consideration of R110 ($7.94) per Pioneer Foods ordinary share, a 56.5% premium as of July 12.

“This acquisition will help PepsiCo gain a solid beachhead for expansion into sub-Saharan Africa by boosting the company’s manufacturing and go-to-market capabilities, enabling scale and distribution,” PepsiCo said in a statement.

--Reuters--