Coca-cola, McDonald’s and Burger King announced on Thursday they will be joining the Pepsi family, joining the world’s largest beverage maker as part of the company’s effort to expand its portfolio.
The move comes amid rising competition from brands such as Starbucks and PepsiCo, which have expanded their product lines to include beverages as well as packaged food.
In a statement, McDonalds said it was excited to be joining PepsiCo’s family, adding that the two companies share a vision of a healthier world and a commitment to promoting social responsibility.
“Today’s announcement is a testament to how the company is committed to building a more sustainable and inclusive future for all of its people,” said Dan Cathy, chief executive officer of McDonald’s.
“We look forward to working with PepsiCo to build upon our success and to support communities that value diversity and inclusion.”
The companies will be headquartered in Irving, Texas.
The deal is expected to close in the second half of 2021.