Cravath, Cooley Steer Pepsi’s Nearly $2 Billion Poppi Purchase

Cravath and Cooley are steering PepsiCo Inc.'s $1.95 billion purchase of “healthy” soda brand Poppi.

The transaction includes $300 million in expected cash tax benefits. It also includes potential earnouts subject to Poppi meeting certain performance metrics.

Consumer demand for healthier products is growing and Pepsi is trying to meet those demands with recent acquisitions, including snack food maker Siete Foods.

Cravath, Swaine & Moore’s team is led by partners Claudia J. Ricciardi and Alexander E. Greenberg on M&A matters. Cravath has been a long term adviser for Pepsi.

Cravath’s lawyers, including George F. Schoen and Robert I. ...