Keurig Green Mountain and Dr Pepper Snapple Group have successfully completed the merger between the two companies.

The newly named Keurig Dr Pepper will have dual US headquarters in Massachusetts and Texas, with expected annual revenues of approximately $11 billion. The transaction makes the company the seventh largest in the US food and beverage sector and third largest beverage company in North America.

Shares in Keurig Dr Pepper began trading on the New York stock exchange July 10, 2018, under the ticker symbol KDP. Under the terms of the merger agreement, Dr Pepper Snapple shareholders will receive a special cash dividend of $103.75 per share, payable in USD.

Commenting on the announcement, Keurig Dr Pepper’s chief executive Bob Gamgort stated: “The combination of these two great companies creates the scale, portfolio and selling and distribution capabilities to compete differently in the beverage industry.

“With a large stable of iconic brands and the leading single-serve coffee brewing system on the market, KDP has the ability to satisfy any beverage need or consumption occasion—hot or cold, at work or at play, at home or on the go—and the capability to get our brands to consumers virtually anytime and anywhere they purchase beverages. I am honoured to lead this great team and excited that together we will challenge this industry in a new way.”