BURLINGTON, Mass. & PLANO, Texas, U.S. — Keurig Dr Pepper (NYSE: KDP) today announced the successful completion of the merger between Keurig Green Mountain and Dr Pepper Snapple Group.
The transaction creates the seventh-largest company in the U.S. food and beverage sector and third-largest beverage company in North America, with annual revenues of approximately $11 billion.
Commenting on the announcement, Keurig Dr Pepper CEO Bob Gamgort stated:
“The combination of these two great companies creates the scale, portfolio and selling and distribution capabilities to compete differently in the beverage industry. With a large stable of iconic brands and the leading single-serve coffee brewing system on the market, KDP has the ability to satisfy any beverage need or consumption occasion—hot or cold, at work or at play, at home or on the go — and the capability to get our brands to consumers virtually anytime and anywhere they purchase beverages. I am honored to lead this great team and excited that together we will challenge this industry in a new way.”
Shares in Keurig Dr Pepper will begin trading on the New York Stock Exchange on July 10, 2018, under the ticker symbol KDP.
Special cash dividend
As previously announced, under the terms of the merger agreement, Dr Pepper Snapple shareholders will receive a special cash dividend of $103.75 per share, payable in U.S. dollars, on July 10, 2018, to shareholders of record on the July 6, 2018 record date, the trading day immediately prior to the closing date.
Through July 9, 2018, the shares have traded with “due-bills,” representing an assignment of the right to receive the special cash dividend. On July 10, 2018, the shares will begin trading ex-dividend.
KDP will maintain dual headquarters in Burlington, MA, and Plano, TX.