PURCHASE, NY. — PepsiCo, Inc. is acquiring the remaining 50% interest in the manufacturers of Sabra and Obela from Strauss Group. Financial terms of the transaction were not disclosed, and the deal is expected to close by the end of 2024.

Sabra and Obela are currently operated as joint ventures between PepsiCo and Strauss, under Sabra Dipping Co., LLC and PepsiCo-Strauss Fresh Dips & Spreads International GmbH, respectively, to manufacture, distribute, and sell the refrigerated dips and spread products. The Sabra venture currently operates in the US and Canada markets, and Obela operates in the Australia, New Zealand and Mexico markets.

“As we evolve our food portfolio and bring people more choices for more occasions, our aim is to meet the growing demand for positive choices and on-the-go options," said Steven Williams, chief executive officer of PepsiCo Foods North America. "Nutritious, simple foods like refrigerated dips and spreads represent a space we have long desired to expand in the US and Canada.”

The transaction follows PepsiCo’s acquisition of Mexican American foods producer Siete Foods for $1.2 billion in October.