Keurig Dr Pepper Inc. has agreed to acquire energy-drink maker Ghost for more than $1 billion, the Wall Street Journal reported, citing people familiar with the matter.

Keurig Dr Pepper is buying a 60% stake in energy-drink maker Ghost for $990 million, with a plan to purchase the rest in 2028, the companies said on Thursday. Ghost, founded as a lifestyle sports nutrition brand in 2016 by Dan Lourenco and Ryan Hughes,

Keurig Dr Pepper has struck a deal to acquire energy-drink maker Ghost for more than $1 billion.The detailsThe deal was announced Thursday morning, confirming an earlier report from The Wall Street Journal.

Keurig Dr Pepper (KDP) is acquiring the Ghost sports nutrition and energy beverage business. The acquisition will occur in two phases, with Keurig Dr Pepper initially paying approximately $990 million to acquire a 60% stake in the company and then acquiring the remaining 40% in 2028 that is based on a pre-negotiated valuation scale and incorporates Ghost’s 2027 financial performance.

Keurig Dr Pepper said on Thursday it has struck a deal to acquire energy-drink maker Ghost for $990 million in cash and a 60% ownership stake. Ghost was founded as a lifestyle sports nutrition brand in 2016 by Dan Lourenco and Ryan Hughes.

Adds deal confirmation and additional details Keurig Dr Pepper (NASDAQ:KDP) on Thursday announced a deal to acquire energy-drink maker Ghost. The deal was first reported by the Wall Street Journal earlier today.