Keurig Dr Pepper has formally launched an $18 billion all-cash takeover bid for coffee and tea group JDE Peet’s, a deal that would reshape the global coffee market and create a competitor to industry leader Nestlé.
The U.S. beverages giant is offering €31.85 per share for JDE Peet’s.
The Dutch-based company’s board has unanimously backed the offer, and shareholders representing 69% of outstanding shares have committed to accept it, according to statements from both companies and acquisition vehicle Kodiak BidCo.
The transaction is expected to close in the second quarter of 2026, pending final conditions.
Keurig first announced plans for the acquisition in August, marking one of Europe’s largest corporate deals in recent years.
At the time, the company also said it intends to split the combined group into two publicly listed businesses, one focused on coffee and tea, and the other on soft drinks and non-coffee beverages, including Dr Pepper.
The bid comes amid record-high global coffee prices, driven by droughts in major producing countries such as Brazil and Vietnam, as well as market volatility following the imposition of U.S. import tariffs under President Donald Trump.
To finance the acquisition, Keurig raised $7 billion from private equity firms in October, easing investor concerns about leverage.
The companies said they have already secured competition clearances.
JDE Peet’s shares were little changed in early trading following the formal bid and were trading at €31.92 on Thursday morning, implying a market capitalisation of approximately €15.6 billion ($18.15 billion), according to LSEG data.
Shares had jumped about 17% when the deal was first announced in August.
If completed, the transaction would significantly consolidate the global coffee industry at a time of heightened supply pressures and rising costs across the sector.
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