KDP announces completion of sales, distribution for largest shareholders
JAB to remain largest shareholder, focus on long-term value creation
Keurig Dr Pepper Inc., Burlington, Mass., and Plano, Texas, announced that JAB majority-owned subsidiary Maple Holdings B.V. and MDLZ will sell an aggregate of 60 million shares through a secondary offering. MDLZ will sell 40 million shares, bringing its stake to approximately 8.4 percent of KDP's outstanding common stock, while Maple will sell 20 million shares for the benefit of its minority partners.
Additionally, JAB indicated that JAB and Maple will convert the final portion of Maple's minority partners' shares into shares held directly in KDP and will distribute approximately 119 million shares of KDP common stock, representing approximately 8.5 percent of KDP's outstanding common stock, currently held by Maple, to such minority holders. The distribution relates to the minority interests in Maple which were held by more than 100 JAB Consumer Fund (JCF) investors, comprised of mostly sovereign wealth funds, university endowments and family offices which invested alongside JAB over the last five years as part of its beverages investment strategy. Following these transactions, Maple will be renamed JAB Bevco and, through JAB Bevco, JAB and its affiliates will hold approximately 34 percent of KDP's outstanding common stock.