Cadbury Schweppes PLC said Monday it agreed to sell its European soft-drinks arm for $2.19 billion to a consortium of private-equity firms Blackstone Group and Lion Capital.
Cadbury Schweppes said the proceeds from the offer will be used to pay down debt, adding it will now concentrate on its confectionery and other beverages businesses. The London-based company said that once it has discussed the deal with employee representatives, it will be able to accept the binding offer.
