Compass Lexecon worked on the successful acquisition by Pepsico of its two largest bottlers, Pepsi Bottling Group and Pepsi Americas. After more than six months of intense examination by the FTC, the nearly $8 billion dollar deal was approved in late February 2010. Compass Lexecon performed extensive theoretical and empirical analyses including modeling a complicated double marginalization problem. Our work was critical in obtaining FTC approval. We worked with Michael Sohn now of Davis Polk & Wardwell LLP and Deborah Feinstein of Arnold & Porter LLP. Compass Lexecon’s team included Dennis Carlton, Mark Israel, Nauman Ilias, Jonathan Bowater, and Jeff Tucker of our D.C. office.