Triarc Cos., New York, will sell its red hot Snapple Beverage Group to Cadbury Schweppes for $1.45 billion, pre-empting a planned initial public offering of the unit. The deal, including $910 million in cash and $420 million in debt, is expected to close in the fourth quarter. Snapple will pay another $120 million following the closing for employee options. Included in the transaction is the entire line of Snapple and Mistic new age beverages and Stewart's, Royal Crown and Nehi soft-drink beverages. Arby's, T.J. Cinnamon's and Pasta Connection restaurant brands will remain under Triarc ownership. Triarc will use the sale to invest in new businesses.
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