PepsiCo South Africa has acquired the remaining 50% stake in Futurelife Health products.
PepsiCo SA currently owns 50% of Futurelife and aims to own 100% of the company. The acquisition comes eight years after the purchase of the first 50% stake.
PepsiCo said earlier last month that the South African Competition Commission had recommended conditional approval of the acquisition. The Competition Court issued an order on May 29, 2023 to approve the merger after considering the committee’s recommendation.
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In a statement, PepsiCo said Futurelife was founded in 2017 by Paul Saad. The product has been developed as a scientifically formulated nutritious food containing Moducare.
“Over time, Futurelife developed a wider range of products, with an emphasis on nutrition and health, based on its uniquely formulated recipes. The development of these products and other product innovations was made possible in part by Pioneer Foods’ investment in Futurelife in 2015.”
Riaan Heyl, CEO of PepsiCo South Africa, said in a statement: “Futurelife is an innovative brand within the grain market and we believe its product basket will complement our current portfolio.”
The acquisition of the first 50% of the Futurelife shares in 2015 was conditional on the approval of that transaction.
The condition stated that for the five years that the condition expired in November 2020, the two companies must be administered separately from each other.
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Futurelife becomes a wholly owned subsidiary of Pioneer Foods.
“After closing the transaction, we look forward to welcoming Futurelife employees to PepsiC,” said Heyl.
“This also means that eligible employees are entitled to participate in our employee shareholding program, the Basumi Trust.”