The news: Keurig Dr Pepper agreed to acquire energy drink maker Ghost as it looks to beef up its beverage business and capitalize on the category’s rising popularity among Gen Zers and millennials.

• The consumer packaged goods (CPG) company will pay $990 million for a 60% stake, and acquire the remaining 40% in 2028.
• The initial stage of the transaction is expected to close in late 2024 or early 2025.