Keurig Dr Pepper agreed to buy Dutch coffee group JDE Peet’s for €15.7 billion (about $18.4 billion) in cash, offering €31.85 a share—roughly a 20% premium to the target’s last closing price and 33% above its 90-day average. The boards of both companies have backed the all-cash tender, which will give the U.S. beverage maker control of brands including Peet’s, Jacobs and Douwe Egberts. Once the takeover closes, Keurig Dr Pepper intends to break itself into two U.S-listed companies: Global Coffee Co., with around $16 billion in annual sales, and Beverage Co., a $11 billion North American soft-drink business built around Dr Pepper, Canada Dry and other refreshment brands. The move would largely reverse the 2018 combination of Keurig Green Mountain and Dr Pepper Snapple, and management projects about $400 million of cost synergies within three years. The transaction will be financed with cash on hand and a fully underwritten bridge facility of up to €16.2 billion. Completion is targeted for the first half of 2026, subject to regulatory clearances and acceptance of at least 80% of JDE Peet’s shares. In early trading after the announcement, JDE Peet’s stock jumped about 18% in Amsterdam, while Frankfurt-listed KDP slipped roughly 1%.