PepsiAmericas (PAS) Announces Joint Venture with CABCORP
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PepsiAmericas, Inc. (NYSE: PAS) and the Central America Beverage Corporation (CABCORP) announced a strategic joint venture that provides a strong platform for growth and geographic expansion.
PepsiAmericas and CABCORP have formed a joint venture to combine PepsiAmericas’ Caribbean business, excluding the Bahamas, with CABCORP’s Central American operations, including Guatemala, Honduras, El Salvador and Nicaragua.
Under the agreement, CABCORP will control a majority 82% ownership interest, with PepsiAmericas controlling the remaining 18%.
Closing of the transaction is subject to certain regulatory approvals. The two companies expect the transaction to close most likely in the third quarter. PepsiAmericas expects this transaction will not materially impact its previously announced 2009 adjusted earnings per share outlook. The terms of the deal were not disclosed. [SM]
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