PepsiCo has received approval from the Russian competition regulator to acquire Wimm-Bill-Dann, the country’s largest dairy firm.
The snacks and soft drinks giant announced it had struck a deal to buy a 66% stake in the firm for US$3.8bn last month. PepsiCo, which already has a growing presence in Russia, said the deal would make it the “largest food-and-beverage business” in the country.
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In a statement today (27 January), PepsiCo said the Federal Antimonopoly Service of the Russian Federation had issued approvals for the acquisition.
PepsiCo has therefore received all regulatory approvals required as conditions to complete the acquisition, which is expected on 8 February. Following completion, PepsiCo will own around 77% of Wimm-Bill-Dann. The firm has accumulated the additional 11% share since 2 December.
PepsiCo added that it will now generate annual global revenues of $13bn from nutritious and functional foods, from about $10bn currently.
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