Pepsico Inc., parent of the world’s No. 2 soft-drink producer, said today it has bought the international unit of rival Seven-Up Co. from Philip Morris Cos. for $246 million in cash.
The company earlier had announced plans to buy both the domestic and foreign operations of Seven-Up for $380 million, but the Federal Trade Commission said it opposed the deal. Philip Morris subsequently ended that agreement.
Pepsico said that the purchase of Seven-Up’s international operations, completed Friday afternoon, doesn’t require governmental approval. Philip Morris still intends to sell Seven-Up’s U.S. operations.
Seven-Up International, headquartered in Lausanne, Switzerland, is the third-largest soft drink company outside the United States and operates in more than 85 countries.