New York (CNN Business) PepsiCo is selling a controlling stake of its juice brands, which includes Tropicana and Naked, to a private equity firm in a multibillion dollar deal. The sale is part of the company's broader efforts to focus on faster-growing beverages as customers increasingly ditch sugary drinks. The deal also includes the option for PepsiCo to eventually sell its European juice businesses at a later date. PepsiCo is selling Tropicana. PepsiCo's juice business has been a drag on its bottom line.

Source: CNN August 03, 2021 11:10 UTC