The deal was valued at around $5.4 billion, including the assumption of about $1 billion in debt, making it one of the largest non-energy-related foreign investments in Russia.
Russia is now Pepsi's largest markets outside the U.S. The deal is expected to add around $5 billion in annual revenue to Pepsi.
Pepsi acquired around 1.4% of WBD's outstanding shares through a squeeze-out where majority shareholders effectively pressured minority holders to divest their shares. Pepsi now owns 100% of WBD's outstanding ordinary shares, including all ordinary shares underlying American depositary shares (ADS). Each WBD shareholder received 3,883.70 Russian rubles ($131.38) per share, the same price Pepsi offered to WBD shareholders in a recently completed tender offer in Russia. Each ADS holder will receive 970.925 Russian rubles ($32.75) per ADS in cash.