Latham & Watkins Represents PAI Partners in Financing for Agreement To Acquire Tropicana, Naked, and Other Select Juice Brands From PepsiCo

PepsiCo, Inc. has announced that it has entered into an agreement with PAI Partners (PAI) to sell Tropicana, Naked and other select juice brands across North America, and an irrevocable option to sell certain juice businesses in Europe, which will result in combined pre-tax cash proceeds of approximately US$3.3 billion while retaining a 39% non-controlling interest in a newly formed joint venture.

Latham & Watkins LLP represents PAI as financing counsel in the transaction with a capital markets team led by Washington, D.C. partner Jason Licht, with Washington, D.C. associates Christopher Bezeg, Jack Anderson, and Thalia Garcia, and a finance team led by Washington, D.C. partners Katherine Putnam and Benjamin Berman and London partner Jay Sadanandan, with Washington, D.C. associates Brian Howaniec and Dalton Downing. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with New York associate Lauren Bewley.