Keurig Dr Pepper Inc. (KDP) has completed the acquisition of 96.22% of JDE Peets N.V. shares for approximately €14.86 billion, with an offer price of €31.85 per share. The acquisition was financed through the issuance and sale of 4,500,000 shares of newly created Series A Convertible Perpetual Preferred Stock for $4.5 billion to investors including KKR and Apollo. An investment vehicle managed by Apollo, KKR, and Goldman Sachs Asset Management L.P. (JV Investor Partner) made a capital contribution of approximately $4 billion to Keurig JV, LP, acquiring a 49% interest in the Pod Manufacturing JV. Additional financing came from previously announced notes offerings in U.S. Dollars and Euros, borrowing under a delayed draw term loan, and cash on hand. The 364-Day Bridge Credit Agreement, previously used for interim financing, was terminated on March 30, 2026, following the receipt of proceeds from the preferred stock and JV investments. KDP plans to separate into two independent, U.S.-listed public companies: a 'Beverage Co.' focused on North American refreshment beverages and a 'Global Coffee Co.' combining JDE Peets and KDP's Keurig business. Operational readiness for the separation is targeted by year-end 2026, with the exact timing of the tax-free spin-off of Global Coffee Co. dependent on achieving appropriate leverage levels and supportive market conditions.