Keurig Dr Pepper said Monday that it would acquire European coffee company JDE Peet's for roughly $18 billion in the latest mega deal by food companies trying to stay a step ahead of changes in consumer demand.

After completing the all-cash acquisition, Keurig Dr Pepper plans to combine its coffee business, which includes its namesake single-serve coffee pods, with JDE Peet's and spin it into a new company. The remaining beverage business would include brands like Dr Pepper, Snapple and 7UP.

The two-step transaction is aimed at effectively undoing the multibillion-dollar combination of Keurig and Dr Pepper announced in 2018. That deal was meant to create a beverage giant with the capacity to distribute hot and cold drinks to customers, while saving money.

But in the past several years,

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