US soft drink maker Dr Pepper Snapple is to merge with coffee company Keurig Green Mountain to form Keurig Dr Pepper.

The new beverage giant will bring together well-known brands such as Dr Pepper, Orangina, Schweppes and Sunkist with Green Mountain Coffee Roasters.

Keurig Dr Pepper will have a combined annual revenue of $11bn (£7.8bn).

Under the terms of the agreement, Dr Pepper Snapple shareholders will retain 13% of the combined company.

Dr Pepper Snapple shareholders will also receive $103.75 per share in a special cash dividend.

The firms said that the merger would enable Keurig Dr Pepper to have "unrivalled distribution capability to reach virtually every point-of-sale in North America".

Dr Pepper Snapple was spun off from Cadbury Schweppes in 2008 to become a standalone company.

The firm markets over 50 brands of carbonated soft drinks, juices, teas, mixers, waters and other premium beverages.

Keurig Green Mountain is a US-based coffee company owned by private equity firm JAB.

It makes over 400 types of coffee and other drinks that can be made in its brewing machines.

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