Source: Giphy

Keurig Green Mountain, controlled by JAB Holdings, has agreed to acquire Dr Pepper Snapple Group in a $21 billion tie-up.

Why it's a big deal: Outside of soon being able to quickly brew a cup of 7-Up Dark Roast? Okay, because this reflects broader trends of beverage industry consolidation and of sugary beverage makers needing to diversify their product offerings. Usually such diversification comes on the buy-side, but selling to a coffee company also works.

DPS shareholders will receive $103.75 per share in a special cash dividend — compared to Friday's $95.65 closing price — and retain a 13% stake in the combined company.

The controlling shareholder will be Europe's JAB Holdings, while Mondelez International will hold upwards of a 14% position. The combined company would generate around $11 billion in pro forma revenue.

Bottom line from Bloomberg:

"The deal vaults JAB into competition with the likes of Coca-Cola Co. and PepsiCo Inc. in soft drinks, moving it beyond fast food and coffee, where the privately held company has acquired Panera Bread, Caribou, Peet’s and other chains."

Go deeper

Updated 20 mins ago - World

Hong Kong media tycoon Jimmy Lai arrested under national security law

Media tycoon Jimmy Lai at the Next Digital offices in Hong Kong in June. Photo: Anthony Wallace/AFP via Getty Images

Hong Kong pro-democracy activist Jimmy Lai has been arrested for "collusion with foreign powers" and the offices of his newspaper raided, said Mark Simon, an executive at the tycoon's media firm Next Digital on Monday.

Why it matters: He was arrested under the new national security law that gives Beijing more powers over the former British colony. Lai is the most prominent person arrested under the law — which prompted the U.S. to sanction Chinese officials, including Hong Kong leader Carrie Lam, over Beijing's efforts to strip the territory of its autonomy.

Updated 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1:30 a.m. ET: 19,861,683 — Total deaths: 731,326 — Total recoveries — 12,115,825Map.
  2. U.S.: Total confirmed cases as of 1:30 a.m. ET: 5,044,864 — Total deaths: 162,938 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. States: New York reports lowest rate of positive coronavirus test results since pandemic began
  5. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020. 
  6. Schools: 97,000 children test positive for coronavirus in two weeks — Nine test positive at Georgia school where photo showing packed hallway went viral .

97,000 children test positive for coronavirus in two weeks

A boy has his temperature checked as he receives a free COVID-19 test in South Los Angeles in July. Photo: Mario Tama/Getty Images

At least 97,000 children tested positive for COVID-19 in the final two weeks of July and there's been an estimated 338,000 cases involving kids in the U.S. since the pandemic began, a new report finds.

Why it matters: The findings in the report by the American Academy of Pediatrics and the Children’s Hospital Association comes as schools and day cares look to reopen in the U.S., with New York Gov. Andrew Cuomo (D) announcing Friday that school districts in the state can reopen in the fall amid lower coronavirus transmission rates.