Keurig Dr Pepper, a coffee and beverage giant based in Burlington, says it will pay $18 billion in cash to acquire JDE Peet’s, the parent company of Peet’s Coffee and several other brands of coffee and tea.

KDP, the company formed in 2018 from the merger of Keurig Green Mountain Inc. merged with Dr Pepper Snapple Group Inc., says that after the transaction, it will split into two public companies. One will aim to be “a scaled growth challenger in North America’s attractive refreshment beverages market,” and the other will be “the world’s #1 pure-play coffee company,” the two companies said in a joint statement early Monday morning.

Stream NBC10 Boston news for free, 24/7, wherever you are. WATCH HERE

More on this story from Boston Business Journal

See Full Page