WASHINGTON — Less than a decade after their merger, Keurig and Dr Pepper plan to become separate companies again.

Keurig Dr Pepper said Monday it is buying the owner of Peet's Coffee for $18 billion (15.7 billion euro). Then it will break itself in two, with one company selling coffee and the other selling cold beverages like Snapple, Dr Pepper, 7UP and energy drinks.

The agreement unwinds the 2018 merger of Keurig and Dr Pepper. Shares of Keurig Dr Pepper fell 11% in afternoon trading Monday.

Investors were concerned about the company's plan to finance the acquisition with a mix of cash and debt. S&P Global placed Keurig Dr Pepper on a credit watch with negative implications Monday, saying it was concerned about the increase in debt and the complexity of the two-step transaction.

Keur

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