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<p>PLANO, Texas (AP) &#8212; Keurig will buy Dr. Pepper Snapple Group, creating a beverage giant with about $11 billion in annual sales.</p><p>The companies, both the result of previous mergers, will bring under one tent global brands like Dr. Pepper, 7UP, Snapple, A&amp;W, Mott&#8217;s, Sunkist and Keurig&#8217;s single-serve coffee makers.</p><p>The company is still vastly outsized by PepsiCo Inc. and Coca-Cola Co., which had sales in 2016 of $63 billion and $41 billion, respectively.</p><p>Keurig Green Mountain Inc., which is a privately held company, said Monday that Dr. Pepper Snapple shareholders will receive $103.75 per share in a special cash dividend and keep 13 percent of the combined company.</p><p>Shares of Dr. Pepper Snapple soared more than 39 percent before the opening bell.</p><p>Keurig CEO Bob Gamgort will lead the new company, called Keurig Dr. Pepper. Larry Young, CEO at Dr. Pepper Snapple will become a director.</p><p>Keurig and Dr. Pepper Snapple will continue to run out of their current locations. Keurig is based in Waterbury, Vermont and Dr. Pepper Snapple has headquarters in Plano, Texas.</p><p>Keurig was acquired by Europe&#8217;s JAB Holding company in 2016 in partnership with the snackmaker, Mondelez International.</p><p>JAB will be the controlling shareholder, and Mondelez will hold a stake of about 13 percent to 14 percent.</p><p>The deal is expected to close in the second quarter, with the company estimating total debt to be about $16.6 billion at that time.</p><p>The acquisition must still be approved by shareholders of Dr. Pepper Snapple Group Inc.</p><style>
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<div class="neCaption">FILE - This April 28, 2016, file photo shows bottles of Dr. Pepper on a store shelf at Quality Cash Market in Concord, N.H. Keurig is buying Dr. Pepper Snapple Group Inc. to create a beverage business with approximately $11 billion in annual sales, announced Monday, Jan. 29, 2018. (AP Photo/Jim Cole, File)</div></div><div class="metaInfo"><photo0>https://www.timesleader.com/wp-content/uploads/2018/01/web1_119692639-662e2902c9fb45999223439e60f263bf.jpg</photo0><caption0>FILE - This April 28, 2016, file photo shows bottles of Dr. Pepper on a store shelf at Quality Cash Market in Concord, N.H. Keurig is buying Dr. Pepper Snapple Group Inc. to create a beverage business with approximately $11 billion in annual sales, announced Monday, Jan. 29, 2018. (AP Photo/Jim Cole, File)</caption0><photoCredit0></photoCredit0></div></div>

Keurig buys Dr. Pepper Snapple, creating a beverage giant