GHOST Lifestyle LLC acquired by Keurig Dr Pepper Inc.
Keurig Dr Pepper Inc. acquired GHOST Lifestyle LLC, an energy drinks brand, on Dec 31, 2024.
Transaction summary
- Target
- GHOST Lifestyle LLC
- Acquirer
- Keurig Dr Pepper Inc.
- Seller
- -
- Announced
- -
- Geography
- -
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- 60%
- First added
- 2026-10-21
- Latest update
- 2026-10-26
Value and multiples
100% enterprise value
USD 1.7B
100% enterprise value | USD
Basis: Derived from source data
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
-
Period not stated
Basis: FundComb estimate
EV / EBITDA
-
EBITDA basis not stated
Basis: FundComb estimate
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 999M
we acquired a 60 % ownership interest in GHOST for aggregate consideration of $ 999 million
Basis
- Estimated 100% EV is USD999m paid for 60%, divided by 60%, or USD1,665m. The USD689m fair value of the future remaining-stake obligation is separate; the USD1,688m acquisition-accounting total is not a stake price. The 24 October 2024 announcement reported approximately 3x projected 2024 net revenue, using a valuation net of anticipated cash tax benefits with an approximately USD140m net present value. This is a separate announcement basis, not a multiple of the unadjusted USD1,665m closing EV. No revenue amount was disclosed.
Other reviewed estimates
Earlier estimates and their sources.
Source summary
Keurig Dr Pepper GHOST acquisition announcement — original tax-adjusted multiple
ConfirmedIn the first stage of the transaction, the Company will make an initial cash investment of approximately $990 million in exchange for a 60% ownership stake in GHOST. Net of anticipated cash tax benefits with a net present value of approximately $140 million, the enterprise valuation at this step represents an approximate 3x net revenue multiple on a projected 2024 basis.
Open sourceKeurig Dr Pepper 10-K, filed 2026-02-24
EstimatedAcquisition of GHOST Lifestyle LLC by Keurig Dr Pepper Inc.
Open sourceKeurig Dr Pepper 10-K, filed 2026-02-24
EstimatedThe acquisition of GHOST contributed 3.8 percentage points to our consolidated volume / mix growth for the year ended December 31, 2025.
Open sourceKeurig Dr Pepper 10-K, filed 2026-02-24
Estimatedamounts held in escrow in connection with the acquisition of GHOST as of December 31, 2025 and 2024
Open sourceKeurig Dr Pepper 10-K, filed 2026-02-24
EstimatedOn December 31, 2024, we acquired a 60 % ownership interest in GHOST for aggregate consideration of $ 999 million. GHOST is a lifestyle sports nutrition business with a portfolio anchored by GHOST Energy, a leading RTD energy brand. As part of the GHOST Transactions, we also entered into an agreement which requires us to purchase the remaining equity interests in GHOST in 2028.
Open sourceKeurig Dr Pepper 10-K, filed 2026-02-24
EstimatedOn December 31, 2024, we acquired a 60 % ownership interest in GHOST for aggregate consideration of $ 999 million.
Open sourceKeurig Dr Pepper 10-K, filed 2026-02-24
EstimatedFair value of mandatory redemption liability for the remainder of the business on December 31, 2024 (1) 689
Open sourceKeurig Dr Pepper 10-K, filed 2026-02-24
EstimatedUnder the acquisition method of accounting, total consideration was as follows: (in millions) Total Consideration Initial payment to acquire 60% of GHOST $ 999 Fair value of mandatory redemption liability for the remainder of the business on December 31, 2024 (1) 689 Total consideration $ 1,688
Open sourceKeurig Dr Pepper 10-K, filed 2026-02-24
EstimatedKeurig Dr Pepper Inc. (Exact name of registrant as specified in its charter)
Open sourceKeurig Dr Pepper 10-Q, filed 2025-10-28
EstimatedThe acquisition of GHOST contributed 4.4 percentage points to our consolidated volume / mix growth in the quarter.
Open sourceKeurig Dr Pepper 10-Q, filed 2025-10-28
EstimatedKeurig Dr Pepper Inc. (Exact name of registrant as specified in its charter)
Open sourceKeurig Dr Pepper 10-Q, filed 2025-10-28
EstimatedAcquisition of GHOST Lifestyle LLC by Keurig Dr Pepper Inc.
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