Multinational soft drink and food company PepsiCo on Tuesday announced the sale of Tropicana and its other juice brands to French investment group PAI Partners for $ 3.3 billion.

PAI will have control of a new joint venture that will manage these businesses PepsiCo Holds 39% stake, in addition to exclusive distribution rights for certain products United States.

“This joint venture with PAI enables us to achieve significant initial value, while at the same time giving these beloved brands the attention and resources they need to promote further long-term growth,” said PepsiCo President and CEO Raman LaGuardia.

The Spanish executive stressed that this would allow the group to focus on a package of healthy snacks, zero calorie drinks and other products “best for the people and the planet.”

Under the agreement, PAI has the option to purchase juices from certain brands running PepsiCo. Europe.

In 2020, businesses included in the process announced today earned about $ 3 billion in revenue, but their profit margins were lower than other brands in the US group.

PepsiCo, which expects sales to end later this year or early next year, has announced it will use the proceeds to raise its balance sheet and invest in its business.