PURCHASE, N.Y. (AP) — PepsiCo Inc. said Friday it will buy the remaining 23 percent stake in Russian dairy and juice company Wimm-Bill-Dann Foods.
Soft drink and snack maker PepsiCo acquired a 77 percent stake in the company in February for $3.8 billion. Wimm-Bill-Dann produces dairy products, juices, mineral water and baby food.
The latest deal is expected to close in September and shareholders are expected to be paid for their shares by Sept. 9.
The acquisition makes PepsiCo the largest food-and-beverage business in Russia and strengthens its position in the fast-growing Eastern European and Central Asian markets.