Cadbury Schweppes PLC has agreed to sell its European beverages arm for 1.85 billion euros (1.27 billion pounds -- $2.2 billion) to a private equity consortium led by Blackstone Group and Lion Capital LLP.
The maker of Dr Pepper soft drinks, Dairy Milk chocolate and Dentyne gum will use the money to reduce its 4.3 billion pound ($7.4 billion) debt mountain and focus on faster growing businesses, such as its global confectionary arm and U.S. soft drinks division.