Dechert LLP is representing PepsiCo in what could be the food and beverage giant’s largest-ever international acquisition. PepsiCo announced December 2 that it has agreed to acquire 66% of Wimm-Bill-Dann, a leader in both traditional and value-added dairy products, with a solid position in juice, for $3.8 billion. The deal, which is pending due to required governmental approvals, will make Russia PepsiCo’s largest market outside of the United States.
Following regulatory approvals — which are expected to take between two and four months — and closing of the transaction, PepsiCo will be required by Russian law to carry out a mandatory tender offer for Wimm-Bill-Dann’s remaining shares, which could push the total transaction value to $5.8 billion.
Dechert is advising on competition and strategic issues related to the transaction, which are crucial to the deal. Igor Panshensky, a corporate and antitrust partner in the firm’s Moscow office, is leading the team on competition matters. Other Dechert lawyers involved in the deal include partner Laura M. Brank, the head of Dechert’s Russia Practice and Olga Watson, senior associate. Brank, Watson and other Dechert attorneys previously advised PepsiCo and the Pepsi Bottling Group on their $1.4 billion acquisition of a 75.53% stake in JSC Lebedyansky, a juice producer in Russia. That deal closed in 2008.
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