Cola’s rival Pepsi has sold a substantial portion of its shares in the Tropicana and Naked brands for billions. The group already has a plan for a huge amount: becoming healthier and more sustainable.

US beverage group PepsiCo is selling a majority stake in juice brand Tropicana and smoothie brand Naked for $3.3 billion (2.8 billion euros). PepsiCo on Tuesday announced that the buyer of 61 percent is French investment fund PAI Partners.

According to the company, it intends to invest a portion of the proceeds in “healthy snacks, zero-calorie drinks and products like SodaStream that focus on being better for people and the planet”.

Juice sales $3 billion in 2020

PAI Partners also has the option of buying additional juice brands in Europe. Pepsi bought soda maker SodaStream in 2018 for $3.2 billion. Tropicana has been owned by the group since 1998, and naked since 2007.

PepsiCo’s juice sales totaled nearly $3 billion last year, but profit margins weren’t as high as other beverages. PAI has held a 50 percent stake in yogurt brand Yoplait since the early 2000s.