December 2, 2010
PepsiCo, one of the world's largest food-and-beverage companies, and Wimm-Bill-Dann Foods OJSC, Russia's leading branded food-and-beverage company, announced that PepsiCo has agreed to acquire 66% of Wimm-Bill-Dann for $3.8 billion, subject to receipt of necessary governmental approvals. In connection with this acquisition, PepsiCo will offer to acquire the remaining shares of Wimm-Bill-Dann through an offer following completion of that acquisition at such time and on terms as are mandated by Russian law, and PepsiCo may acquire additional shares in other transactions. The transaction will establish PepsiCo as the largest food-and-beverage business in Russia. Latham & Watkins LLP is representing Wimm-Bill-Dann Foods OJSC in the transaction with a corporate team led by Moscow corporate partner Christopher Allen with associates Mikhail Vardanian, Yulia Dementieva and Igor Gavrikov. Advice is also being provided by Washington, D.C. corporate partner Alexander Cohen and New York corporate partner Adel Aslani-Far.