PepsiCo Inc. (NYSE: PEP) said Tuesday its joint venture acquired the International Company for Agro-Industrial Projects, also known as Beyti.
Pepsi formed a joint venture earlier this year called International Dairy and Juice Ltd. with Saudi Arabian dairy company Almarai to focus on opportunities in Southeast Asia, Africa and the Middle East.
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IDJ acquired the 100 percent stake in Beyti from Almarai, which acquired it in October and transferred it to the joint venture at cost. Beyti produces dairy and juice products, including yogurt and cheese.
The deal expands PepsiCo's existing non-alcoholic beverages and savory snacks offerings in Egypt. It expands Almarai's offerings in dairy outside its core markets.
The move follows IDJ’s 75 percent stake acquisition of Teeba, one of the leading companies in the fresh dairy sector in Jordan.
PepsiCo shares rose 14 cents to $61.24 during afternoon trading.
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