Keurig Dr Pepper will acquire JDE Peet’s in an $18 billion deal to boost its struggling coffee business. KDP stock fell 8% while JDEP gained 15%. The deal includes a 33% premium for JDE Peet’s shareholders and is expected to generate $400 million in cost synergies over three years. The two companies share a history with JAB Holding, but will become separate entities following the acquisition.

Keurig Dr Pepper saw a decline in U.S. coffee sales due to decreased shipments of single-serve coffee pods. The company aims to appeal to home coffee drinkers and attract Starbucks and Dunkin’ clientele with cold coffee offerings. After the split, KDP’s coffee unit will generate $16 billion in annual sales, while the beverages unit will have $11 billion in sales.

JDE Peet’s CEO will remain in his position until the acquisition closes. Coca-Cola is also looking to sell Costa Coffee, bought for $5.1 billion in 2018. The 2018 merger of Keurig Green Mountain and Dr Pepper Snapple Group will be unwound, creating two separate U.S.-listed companies.

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