Through a statement, the US coffee chain conglomerate Keurig Dr Pepper Inc. announced the purchase of Peet's Coffee after a multi-million dollar agreement.

According to the details of the contract, the purchase and sale agreement will be worth approximately $18 billion dollars. In this regard, Keurig Dr Pepper's CEO Tim Coffee commented that "the complementary combination of Keurig and JDE Peet's will be an exceptional opportunity to create a global coffee giant," he said.

Although he has also noted that plans during the acquisition after closing will be to split into two companies. One will focus on coffee and the other on energy drinks and soft drinks.

Keurig Dr Pepper Inc., is publicly traded and has headquarters in Burlington, Massachusetts and Frisco, Texas; While Peet's is headquartered in Amsterdam, the combined business is expected to generate sales of approximately $16 billion in coffee and $11 billion in beverages.

Finally, the companies said that after the separation, Tim Coffee will be chief executive of the beverage business for the Frisco, Texas, headquarters, and Sudhanshu Priyadarshi, chief financial officer of Keurig Dr Pepper, will be in charge of the coffee business in both Massachusetts and the Amsterdam headquarters.