7Up will initially purchase a 60% stake in the brand for approximately $990 million.
US soft drink company Keurig Dr Pepper has struck a deal to acquire lifestyle energy and sports nutrition drink company Ghost.
In a statement issued on October 24, fruit soda maker Sunkist said it would acquire the company in two phases.
Initially, Keurig Dr Pepper plans to buy a 60% stake in Ghost for approximately $990 million.
It will then acquire the remaining 40% in 2028 “at a pre-negotiated valuation range,” based on Ghost’s financial performance in 2027.
The deal is expected to be completed by “late 2024 or early 2025,” brand owner Canada Dry said.
In December 2022, Keurig Dr Pepper invested US$863 million for a 30% stake in US energy and refreshment drink maker Nutrabolt. The “strategic partnership” included a long-term sales and distribution agreement for Nutrabolt's C4 energy drink brand.
As of “mid-2025,” root beer maker A&W plans to pump about $250 million into transitioning Ghost Energy's existing distribution agreements to Keurig Dr Pepper before selling the brand and distributing it.
Created in 2016, the Ghost range is “anchored” on the energy drink range of the same name and is “one of the fastest growing brands” in the energy sector, with net sales having “more than quadrupled” since 2021, according to Keurig. Dr. Pepper.
Ghost's sugar-free energy drinks come in flavors like Sour Watermelon and Orange Creamsicle. The brand also has SKUs inspired by the soft candy brand Sour Patch Kids, as well as a line of caffeine-free electrolyte drinks.
Aside from its beverage business, Ghost manufactures sports nutritional supplements, designed for pre- and post-workout and e-sports users.
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