KDP acquires 60% stake in GHOST Energy for ~$990M; second stage in 2028

Keurig Dr Pepper Inc.

KDP to acquire 60% stake in GHOST Lifestyle for ~$990M; second stage to purchase remaining 40% in 2028 based on 2027 performance.
Enterprise valuation at initial step represents approx. 3x net revenue multiple on projected 2024 basis, net of ~$140M tax benefits.
Transaction expected to close late 2024 or early 2025; GHOST co-founders to continue leading the brand.
KDP expects transaction to be neutral to modestly accretive to adjusted EPS from 2025; fully consolidates GHOST.
KDP to invest up to $250M to transition GHOST Energy's distribution agreements starting mid-2025.

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