Pepsi is selling Tropicana, Naked and other North American juice brands to private equity while still keeping its foot in its top-in-class brands.
The deal, with PAI Partners, will amount to $3.3 billion while Pepsi retains a controlling interest in a newly formed joint venture.
The deal clears the way for the beverage giant to focus on healthier food and drinks.
In addition, it will free us to concentrate on our current portfolio of diverse offerings, including a growing portfolio of healthy snacks, zero-calorie beverages and products like SodaStream which are focused on being healthier for people and the planet said PepsiCo Chairman and CEO Ramon Laguarta in a statement.