PepsiCo buying Pioneer Foods

PepsiCo, Inc. has entered into an agreement to acquire all the outstanding shares of Pioneer Foods Group Ltd. for approximately $1.7 billion. Pioneer Foods portfolio includes cereals, juices and African nutritional food staples, including well-known brands like Weet-Bix, Liqui-Fruit, Ceres, Sasko, Safari, Spekko and White Star.

As part of the transaction, PepsiCo will create a new operating sector, called PepsiCo SSA, for Sub-Saharan Africa. PepsiCo SSA will be led by Eugene Willemsen, most recently the PepsiCo EVP of global categories & franchise management. The transaction is expected to close in the first quarter of next year.