The transaction gives PepsiCo, whose drink brands include Pepsi-Cola, Tropicana and Gatorade, a majority stake in the company.
PepsiCo has been stepping up investments in its North American beverage business, as the market has remained sluggish.
The popularity of coconut water has been rising. PepsiCo already sells the drink under its Naked Juice brand and has also begun to develop a new brand called Phenom in conjunction with GNC Holdings Inc.
In October, PepsiCo trimmed its full-year profit forecast as it cited value-conscious consumers and economic uncertainty.
(Reporting by Alexandria Sage; Editing by Bernard Orr)