Kirkland Advises KKR on $7 Billion Strategic Investment Co-Led by KKR and Apollo in Keurig Dr Pepper
Kirkland & Ellis advised global investment firm KKR in its strategic investment in Keurig Dr Pepper (Nasdaq: KDP), a leading beverage company in North America.
KKR and Apollo have entered into a definitive agreement for a $3 billion convertible preferred stock investment in KDP and the eventual beverage business that will remain following the spin-off by KDP of its coffee business, which is expected to occur following the closing of its pending acquisition of JDE Peet’s.
KKR and Apollo have also entered into a binding commitment letter and term sheet for a $4 billion K-Cup® pod manufacturing joint venture. KDP will retain a controlling interest and operational control of the related assets. KDP will use the proceeds of these transactions to finance its pending acquisition of JDE Peet’s.
Read the transaction press release
The Kirkland team advising on the convertible preferred stock investment included capital markets lawyers Josh Korff, Ross Leff, Zoey Hitzert, Soo Kyung Chae, Lune Klappe-Regan and Connor Dalton; corporate lawyers Jennifer Perkins, Ravi Agarwal, Oliver Yee, Bobby Hausen and Seung Bo Choi; and tax lawyers Mike Beinus, Adam Kool and Joseph Riddle.
The Kirkland team advising on the manufacturing joint venture included debt finance lawyers Roald Nashi, Jacqueline Trudeau, Yigal Gross and Jessie Mann; corporate lawyers Brittany Sakowitz, Bobbi Worbington, Lee Blum and Phil Greenfield; and capital markets lawyer Matthew Pacey.
