Aug. 3 (UPI) -- PepsiCo announced on Tuesday that it's selling off multiple juice brands, including Tropicana, to a French equity firm.
Pepsi is selling brands Tropicana, Naked and others in North America to PAI Partners for $3.3 billion. Overall, the deal is valued at about $4.5 billion.
Pepsi will retain a 39% non-controlling interest in the venture, the company said.
"This ... enables us to realize significant upfront value, whilst providing the focus and resources necessary to drive additional long-term growth for these beloved brands," PepsiCo Chairman and CEO Ramon Laguarta said in a statement.
"In addition, it will free us to [grow] our portfolio of healthier snacks, zero-calorie beverages and products like SodaStream which are focused on being better for people and the planet."
Studies recently have shown that a single small soda on average contains up to 65 grams of sugar -- more than the recommended daily limit of 50 grams.
In 2020, Pepsi said its juice businesses delivered $3 billion in net revenue.
The sale is expected to be finalized late this year or early next.