04:46 AM EST, 11/22/2024 (MT Newswires) -- PepsiCo ( PEP ) said Friday it has agreed to acquire the remaining 50% interest in Sabra Dipping Company and PepsiCo-Strauss Fresh Dips & Spreads International, making it the sole owner of the companies, which produce Sabra and Obela branded spreads and dips.

Financial terms of the deal were not disclosed.

The transaction is expected to close before the end of the year.

Sabra and Obela are current 50/50 joint ventures formed between PepsiCo ( PEP ) and Strauss Group to manufacture, distribute and sell refrigerated dips and spreads in North America, Australia and New Zealand.

PepsiCo ( PEP ) said the deal will help "drive accelerated innovation" in the dips and spreads market.