Celsius partnership (Alani Nu, Rockstar)

Strategic partnership with Celsius Holdings. PepsiCo buys $585M of convertible preferred stock from Celsius, Celsius takes over the Rockstar Energy brand in the U.S. and Canada, and PepsiCo distributes the Celsius portfolio, including Alani Nu, in those markets.

Why it matters to the stock. It moves PepsiCo into the fast-growing energy drink category without building its own brand from scratch.