Mergers &
Acquisitions

This week features transformative moves in the global coffee and media sectors with two landmark deals reshaping their industries.

1. Keurig Dr Pepper Acquires JDE Peet’s for £15.7 Billion

Keurig Dr Pepper (NASDAQ: KDP) has agreed to acquire JDE Peet’s in an all-cash transaction valued at approximately £15.7 billion (~$21.1 billion). Following the acquisition, KDP plans to split into two separate companies — a Global Coffee Company generating ~$16 billion in revenue and a Beverage Company focused on North American refreshment brands like Dr Pepper, 7UP, and Canada Dry with ~$11 billion in revenue.

The combined coffee business will become the largest coffee-focused entity in the world, spanning 100+ countries and strengthening positions in both retail and foodservice markets. The beverage spin-off will sharpen focus in the $300 billion North American refreshment market. The acquisition is expected to generate ~$400 million in cost synergies over three years, with EPS accretion starting one year after closing.

Acquirer: Keurig Dr Pepper (Frisco, Texas)
Target: JDE Peet’s (Amsterdam, Netherlands)
Deal Value: ~£15,700,000,000 (~$21,100,000,000)
Announcement Date: August 25^th, 2025
Expected Close: Q1–Q2 2026
Acquirer Advisors: Lazard & Morgan Stanley (Financial) + Paul, Weiss, Rifkind, Wharton & Garrison LLP (Legal)
Target Advisors: Bank of America (Financial) + A&O Shearman (Legal)

Summary

• Largest coffee business in the world post-transaction
• $400 million in targeted cost synergies
• Dual-company strategy to sharpen focus on coffee and beverages

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2. Nexstar Media Group to Acquire TEGNA for $6.2 Billion

Nexstar Media Group (NASDAQ: NXST) has announced plans to acquire TEGNA Inc. (NYSE: TGNA) in a $6.2 billion transaction, marking the largest acquisition in Nexstar’s history. The deal significantly expands Nexstar’s footprint to 265 stations, reaching nearly 80% of U.S. households.

While the acquisition offers scale and competitive advantages against larger media companies, it faces substantial regulatory hurdles. FCC rules currently cap broadcasters at 30% national household reach and restrict the number of stations owned by a single entity, limits that Nexstar would surpass. The deal is projected to generate ~$300 million in revenue synergies.

Acquirer: Nexstar Media Group Inc. (Irving, Texas)
Target: TEGNA Inc. (Tysons, Virginia)
Deal Value: ~$6,200,000,000
Announcement Date: August 19^th, 2025
Expected Close: Q3–Q4 2026
Acquirer Advisors: Bank of America, J.P. Morgan, Goldman Sachs (Financial) + Kirkland & Ellis LLP, Wiley Rein LLP, Morrison Foerster (Legal)
Target Advisors: Allen & Company (Financial) + Wachtell, Lipton, Rosen & Katz (Legal)

Summary

• Expands Nexstar’s reach to 265 stations covering 80% of U.S. households
• $300 million in expected revenue synergies
• Faces significant regulatory and FCC ownership cap challenges