Latham & Watkins Advises Apollo in US$7 Billion Strategic Investment Co-Led by Apollo and KKR in Keurig Dr Pepper

Keurig Dr Pepper (NASDAQ: KDP) announced two investment agreements related to the acquisition of JDE Peet's and subsequent planned separation into two independent companies totaling US$7 billion, co-led by funds managed by affiliates of Apollo (NYSE: APO), and funds and accounts managed by KKR (NYSE: KKR). The agreements include a binding commitment letter and term sheet for a US$4 billion investment in a newly formed K-Cup® pod and other single-serve manufacturing joint venture co-led by Apollo and KKR, with participation from Goldman Sachs Alternatives, as well as a definitive agreement for a US$3 billion convertible preferred stock investment in the Company and the eventual Beverage Co., co-led by KKR and Apollo.

Latham & Watkins LLP represents Apollo in the joint venture with a deal team led by New York partners Javier Stark, Chirag Dedania, and Gary Boss, with associates Josh Barkow, Chiara Eramo, Anny Yang, and Kai Yeo. Advice was also provided on tax matters by New York partner Bora Bozkurt, with associate Michael Yu; on antitrust matters by Washington, D.C. partner David Brenneman, Frankfurt/ Düsseldorf partner Max Hauser, Hamburg partner Jana Dammann, and Frankfurt counsel Nils Bremer; and on intellectual property matters by Orange County/Los Angeles partner Ghaith Mahmood, with associate Ryan Clore.

Latham also represents Apollo in the convertible preferred stock investment with a deal team led by New York partners Tracey Zaccone and Eric Rice, and Orange County partner Drew Capurro, with associates Evan Kirsch and Matt DeSilva. Advice was also provided on tax matters by Los Angeles partner Pardis Zomorodi and Houston partner Christine Mainguy; on antitrust matters by Washington, D.C. partner David Brenneman, Frankfurt/ Düsseldorf partner Max Hauser, Hamburg partner Jana Dammann, and Frankfurt counsel Nils Bremer; on intellectual property matters by New York partner Pelin Serpin; in employment matters by New York partner Erin Murphy; and on real estate matters by New York partner Dara Denberg.