Pepsi to sell Tropicana and other juice brands

Pepsi reached a deal to sell Tropicana, Naked and other North American juice brands.

The deal with private equity firm PAI Partners would net Pepsi $3.3 billion. Pepsi additionally would retain a 39% noncontrolling stake in a newly formed joint venture.

"It will free us to concentrate on our current portfolio of diverse offerings, including growing our portfolio of healthier snacks, zero-calorie beverages and products like SodaStream which are focused on being better for people and the planet," said Pepsi CEO Ramon Laguarta.

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