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Walkers Dubai acts for PepsiCo on the sale of its stake in a joint venture with Almarai

Feb 27, 2023

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A man in a business suit signing a legal contract.

Walkers acted as Bermuda legal counsel to PepsiCo, alongside Freshfields Bruckhaus Deringer as lead counsel, on the sale of PepsiCo's 48 per cent stake in a joint venture between PepsiCo and Almarai.

Almarai, the Middle East's largest dairy company, bought PepsiCo's 48 per cent share in International Dairy and Juice Limited ("IDJ"), increasing Almarai's stake in IDJ to 100 per cent ownership from 52 per cent previously. In a filing to the Tadawul stock exchange the deal value was reported as 255 million Saudi riyals (US$68 million).

Almarai stated that the full ownership of IDJ will allow them to further expand their operations strategically in the wider region.

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