M&A Awards 2026: Keurig Dr Pepper acquires JDE Peet’s (Best Deal 2026)

Brief description deal / Deal outline
Keurig Dr Pepper (KDP) acquired JDE Peet’s in a €15.7 billion all-cash public offer, bringing together two
consumer companies with globally recognised brands, including Douwe Egberts, Jacobs, Peet’s Coffee,
Keurig Green Mountain, Dr Pepper and 7UP.
The transaction combines a cross-border public acquisition with a subsequent separation into two
independent, publicly listed businesses: Global Coffee Co., a pure-play global coffee company with
operations in more than 100 countries, and Beverage Co., focused on the North American refreshment
beverage market. This distinctive “two deals in one” structure required the coordination of Dutch and
U.S. public M&A, governance, financing and regulatory considerations.
For JDE Peet’s, the transaction also marks the next chapter in an exceptional buy-and-build journey that
began with Douwe Egberts and expanded through acquisitions including Jacobs and Peet’s Coffee. A&O
Shearman and its legacy firms advised on many of these transactions, providing deep knowledge of the
business and its evolution.

Why should this deal win the Award for Best Deal 2026?
We believe that the acquisition of JDE Peet’s by Keurig Dr Pepper (KDP) stands out as a landmark
transaction that deserves the Award for Best Deal 2026 due to its scale, strategic ingenuity, legal
complexity, and transformative impact. It is also a combination of businesses with some of the world’s
most recognizable consumer brands: from KDP’s Dr Pepper and 7UP, which will form part of Beverage
Co., and Keurig Green Mountain coffee, to JDE Peet’s iconic coffee brands, led in the Netherlands by
Douwe Egberts.

1) The deal is significant in scale: valued at €15.7 billion it is the largest deal in the Dutch market in recent
years. At its core, this is a €15.7 billion full-cash public offer, followed by a corporate split (targeted for
early 2027) into two distinct, publicly listed entities: Beverage Co., a fast-growing North American soft
and functional drinks company, and Global Coffee Co., a pure-play coffee giant with €16 billion in
revenue, operations in over 100 countries, and top 2 market positions in 40 of them. This dual structure
allows each business and its portfolio of widely recognized brands to focus on its unique ecosystem -
different channels, consumption moments, and supply chains - unlocking targeted growth and
operational synergies estimated at $400 million over three years.

2) The deal is also a standout in legal and strategic execution. It combines Dutch and U.S. legal
frameworks, requiring deep expertise in public M&A, cross-border regulations, and governance. A&O
Shearman’s team navigated complex due diligence, antitrust sensitivities, and financing structures under
intense time pressure. The transaction involved two deals in one: a public offer and a spin-off,
demanding seamless coordination across jurisdictions and disciplines. Allen & Overy’s merger with
Shearman & Sterling proved invaluable, enabling real-time collaboration between Amsterdam and U.S.
teams.

3) Beyond technical excellence, the deal reflects strong leadership and vision in a volatile market. From
JDE Peet’s perspective, it also represents the culmination of an exceptional buy-and-build journey. What
began with the acquisition of Douwe Egberts, then known as D.E Master Blenders, became the
foundation for a series of acquisitions, including Jacobs in Germany, Peet’s Coffee in the United States
and many others. A&O Shearman and its legacy firms were involved in many of these transactions, giving
the team a deep understanding of the business, its evolution, and the strategic significance of this next
chapter. While private equity activity waned, this deal seized the moment, acting swiftly and decisively. It
showcases how agility, vision, and trust can drive transformative outcomes even amid uncertainty. It also
demonstrates how legal advisers can be key deal orchestrators, managing everything from governance
and disclosure to incentive plans and financing.

4) Importantly, the deal has profound implications for stakeholders. Shareholders receive immediate
value through a premium cash offer. Employees benefit from clearer strategic direction and growth
opportunities. Consumers gain access to stronger, more innovative brands that are already part of
everyday life in markets around the world. In the Netherlands, the transaction has particular resonance
because of Douwe Egberts’ deep roots in Dutch society and its place in the country’s coffee culture. The
deal therefore combines global strategic impact with a highly tangible and recognizable Dutch
dimension. In sum, this deal is not just financially impressive—it’s an example for M&A in these
challenging times. It combines strategic clarity, legal sophistication, and human energy in a way that few
transactions do. For its scale, innovation, seamless execution, and lasting impact, the KDP-JDE Peet’s
deal is a worthy winner of the Best Deal 2026 Award.

Further information on this deal can be found in this interview with Olivier Valk and Tim Stevens, who led
this deal at A&O Shearman: https://mena.nl/artikel/tim-st...peets-door-keurig-dr-pepper/. The article was published on Thursday 9 October 2025.

We refer to the JDE Peet’s and Keurig Dr Pepper press release for further information:
• JDE Peet’s press release: https://www.jdepeets.com/news-...jde-peets-and-subsequently-separate-into-two-independent-companies--a-leading-refreshmentbeverage-player-and--a-global-coffee-champion--3138205/
• Keurig Dr Pepper press release: https://www.keurigdrpepper.com... -dr-pepper-to-acquire-jdepeets-and-subsequently-separate-into-two-independent-companies-a-leading-refreshmentbeverage-player-and-a-global-coffee-champion/

Finally, full details of the team can be found in the deal profile on dealmaker.nl:
https://www.dealmaker.nl/deal/...

What is the impact of this deal for the company?
The deal between KDP and JDE Peet’s significantly reshapes the combined company’s future. Global
Coffee Co will bring together JDE Peet’s global reach and portfolio of brands, including Douwe Egberts,
Jacobs and Peet’s Coffee, with KDP’s single-serve coffee leadership in North America, including Keurig
Green Mountain coffee, creating a global coffee champion. Beverage Co. will include well-known brands
such as Dr Pepper and 7UP. This move allows the combined coffee business to sharpen its strategy,
expand more effectively in emerging markets like Asia, and operate independently from the soft drinks
segment, which has different channels and consumption patterns. The new structure promises
operational synergies of $400 million over three years and positions JDE Peet’s as a top 2 player in 40
countries, with a footprint in over 100. This strategic clarity and global scale mark a transformative leap
for the combined company and the next stage of JDE Peet’s remarkable buy-and-build journey.

What is the impact of this deal for the direct stakeholders?
The offer was declared unconditional on 27 March 2026 with a stunning percentage of 96.22% of all
shares tendered in first instance. The deal has a major impact on direct stakeholders, particularly
shareholders, management, and employees. Shareholders of JDE Peet’s benefit from a full-cash offer of
€31.85 per share, plus a €0.36 dividend, delivering immediate value.
For management, the transaction brings strategic clarity and global scale, with the coffee business
becoming a standalone entity—Global Coffee Co.—active in over 100 countries. Employees gain from a
more focused organizational structure, with clearer growth paths and operational synergies worth $400
million expected over three years.

What is the impact of this deal on society?
The societal impact of the KDP acquisition of JDE Peet’s is significant and multifaceted. By creating a
dedicated global coffee company - Global Coffee Co. - the deal strengthens access to high-quality coffee
products across over 100 countries, supporting consumer demand and cultural coffee traditions
worldwide. This is especially tangible in the Netherlands, where Douwe Egberts has deep roots in society
and has long been closely associated with Dutch coffee culture. It also promotes innovation and
sustainability in the coffee sector, as the new entity can focus more effectively on responsible sourcing
and environmental practices. Moreover, the deal reflects confidence in global markets during uncertain
times, inspiring other strategic investments. It showcases how bold corporate moves can drive economic
activity, employment, and consumer choice on a global scale.

What was most complex about this deal?
The transaction was exceptionally complex because it effectively combined two major transactions in
one: a €15.7 billion cross-border public offer for JDE Peet’s, followed by the planned separation into two
independent, publicly listed companies, Global Coffee Co. and Beverage Co. This required the
simultaneous navigation of Dutch and U.S. legal frameworks and close coordination across public M&A,
cross-border regulation, governance, due diligence, antitrust and financing, all under significant time
pressure. The structure also required the different strategic and operational characteristics of the coffee
and beverage businesses to be accommodated within one overarching transaction