PepsiCo said that a deal was signed to acquire both divisions of Brazil's largest coconut water company, Amacoco Nordeste and Amacoco Sudeste, for an undisclosed amount. The deal marks PepsiCo's first step into the "fast-growing market for coconut water" in Brazil, the company said.

      Amacoco is producing and selling Brazil's top-selling coconut water brands, Kero Coco and Trop Coco.

      Coconut water would be, according to PepsiCo, one of the fastest growing beverage categories due to its natural hydrating qualities, great taste and nutritional benefits.

      PepsiCo has announced plans to invest more than US$3.3bn in Latin America over the next several years.