19 Jul 2019 --- PepsiCo has entered into an agreement to acquire all the outstanding shares of South African Pioneer Foods Group for R110.00 per share in cash (approximately US$1.7 bn), which represents a 56 percent premium to the 30-day volume weighted average price prior to the cautionary announcement on July 15, 2019. The acquisition, valued at approximately US$1.7 billion, which implies approximately 11x FY2020E consensus EBITDA, will be funded through a combination of debt and cash, and has been unanimously approved by the Board of Directors of both companies. The transaction is subject to a Pioneer Foods shareholder vote, certain regulatory approvals, and other customary conditions, and closing is expected by Q1 calendar year 2020.
