PepsiCo set to increase stake in Celsius Holdings to 11%, Bloomberg says

PepsiCo (PEP) is raising its stake in Celsius Holdings (CELH) in a $585M deal that will boost distribution of some of its popular beverages, Bloomberg’s Matthew Monks and Crystal Tse report, citing people familiar with the matter. PepsiCo is set to announce that it’s buying convertible preferred stock in Celsius that would boost its ownership to 11%, the people said. As part of the transaction, Celsius will acquire PepsiCo’s Rockstar Energy brand in the U.S. and Canada, according to the people, who asked to not be identified because the information is private.