PepsiCo, a producer of convenient food and beverages products throughout the world, agreed to acquire Pioneer Foods Group, a producer and distributor of a range of branded food and beverage products, for $1.7bn. This acquisition will help PepsiCo gain a solid beachhead for expansion into Sub-Saharan Africa by boosting the company's manufacturing and go-to-market capabilities, enabling scale and distribution. With Pioneer Foods, PepsiCo adds an extraordinary team of associates who will be instrumental to growth across the continent. "As we look to accelerate our growth in key markets around the world and achieve our vision to be the Global Leader in Convenient Foods and Beverages by Winning with Purpose, we are absolutely thrilled to join forces with Pioneer Foods, one of South Africa's leading food and beverage companies," Ramon Laguarta, PepsiCo Chairman and CEO. The CMA has cleared the anticipated acquisition on March 18, 2020.