Keurig Dr Pepper closed its €14.86 billion ($18 billion) acquisition of JDE Peet’s on April 1 2026, taking ownership of 96.22 % of the Dutch coffee company’s shares and setting the stage for a global coffee powerhouse. The transaction will be fully delisted from Euronext Amsterdam on April 30 2026, ending JDE Peet’s public listing.
The deal also names former JDE Peet’s chief executive Rafael Oliveira as the new CEO of the combined coffee business, a move that signals KDP’s intent to build a dedicated global coffee company. Oliveira’s experience leading JDE Peet’s and his prior tenure at Kraft Heinz are viewed as assets for steering the new entity toward scale and innovation.
KDP’s financing package blends debt, equity and a pod‑manufacturing joint venture, totaling roughly $18 billion. The company raised $4.5 billion through Series A convertible perpetual preferred stock and an additional $4 billion from the joint venture, while retaining a 96.22 % stake in the coffee business. The transaction is part of a planned split that will create two U.S.‑listed public companies: a North American refreshment beverages company and a global coffee company.
KDP’s Q4 2025 results, released February 24 2026, showed net sales of $4.5 billion, up 10.5 % YoY, and adjusted diluted EPS of $0.60, a 1.7 % increase. The earnings beat analyst consensus of $0.59 by $0.01, driven by strong demand in the U.S. Refreshment Beverages segment, which grew 11.9 % in full‑year sales. Gross margin contracted 1.5 percentage points in Q4 due to inflationary cost pressures, but pricing power and volume mix helped keep operating income up 4.8 % YoY. Management guided 2026 net sales to $25.9–$26.4 billion and low‑double‑digit EPS growth, reflecting confidence in the early contribution from JDE Peet’s and the planned separation.
"2025 was another strong year for KDP. We delivered on our guidance, navigated the dynamic operating environment with agility, and executed well in the marketplace with winning innovation and robust commercial activation of our brands. In 2026, we intend to build upon our momentum with the acquisition and integration of JDE Peet’s and progress towards the subsequent separation into two advantaged pure‑play companies," said CEO Tim Cofer. "Our acquisition of JDE Peet’s marks a defining step in our value creation strategy, and Rafa is the right choice to lead the combined coffee business and launch Global Coffee Co."
"Today's update demonstrates our commitment to ensuring strong and resilient capital structures at each stage of this transaction by introducing an additional $1.5 billion of cost‑efficient equity capital into the financing and bringing on board a high‑quality mix of shareholders who recognize the value creation opportunity ahead," added CFO Anthony DiSilvestro.
The market reacted positively to the earnings beat, with analysts noting KDP’s strong execution and the strategic value of the JDE Peet’s acquisition. The company’s guidance for 2026 signals confidence in continued growth and the successful integration of the coffee business, while the planned split is expected to unlock value for shareholders by allowing each entity to focus on its core category dynamics.
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