Selling minority investment in Chobani and Pennsylvania facility for $925 million in pre-tax proceeds

Proceeds to support Keurig Dr Pepper's deleveraging goals

Updating and expanding long-term commercial relationship with Chobani

BURLINGTON, Mass. and FRISCO, Texas, Sept. 1, 2026 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ:KDP) and Chobani today announced a series of transactions that further strengthen their longstanding strategic partnership while advancing the growth and capital allocation priorities of both companies.

As part of the agreement, KDP will sell its full equity stake in Chobani back to the company for $800 million.

In a related transaction, Chobani will acquire KDP's manufacturing facility and warehouse in Allentown, Pennsylvania for approximately $125 million, including the facility lease, equipment and operations. Chobani intends to offer employment opportunities to the site's manufacturing and warehouse employees, recognizing the value of the trained workforce and helping ensure operational continuity. Employees in delivery, customer service and other corporate functions will remain with KDP. To facilitate a seamless transition, Chobani will continue to manufacture certain products for KDP at the Allentown facility for a defined period after the sale under a co-manufacturing agreement. 

KDP intends to use the net proceeds from the transactions to reduce debt as it positions its two future businesses, Beverage Co. and Global Coffee Co., for long-term success.

Additionally, the companies are expanding their long-term commercial relationship by updating and broadening their distribution agreement, with KDP continuing to distribute the La Colombe brand's ready-to-drink (RTD) lattes and other Chobani-owned beverage products through its direct store delivery (DSD) network, including future RTD innovations. The companies will also continue their long-term licensing, manufacturing and distribution agreement for La Colombe-branded K-Cup® pods in the U.S. and Canada.

The transactions are expected to close in the third quarter of 2026, subject to the satisfaction of customary closing conditions.