[K]eurig Green Mountain announced on Monday that it will buy the soft drink company Dr Pepper Snapple.

The two companies will have a combined $11 billion in annual revenue, according to a release announcing the merger.

Originally a coffee-roasting company based in Waitsfield, Keurig has grown to international prominence with its single serve coffee makers. The company is now based in Waterbury.

Texas-based Dr Pepper Snapple produces a broad range of well-known beverages, including 7Up, A&W Root Beer, and Orangina.

The deal was arranged by JAB Holding Co., the Luxembourg-based investor group that acquired Keurig Green Mountain in a $13.9 billion deal in 2016. JAB’s holdings include other hot beverage companies, such as Peet’s Coffee.

According to the release, both Keurig and Dr Pepper Snapple will continue operations from their current locations.

A spokesperson did not respond to a request about whether layoffs are expected as a result of the merger.

Bob Gamgort, the chief executive of Keurig, will run the merged company from Burlington, Massachusetts.

“The combination of Dr Pepper Snapple and Keurig will create a new scale beverage company which addresses today’s consumer needs, with a powerful platform of consumer brands and an unparalleled distribution capability to reach virtually every consumer, everywhere,” Gamgort said in a statement.

Larry Young, CEO and president of Dr Pepper Snapple, will be a member of the board of the merged company. Young said in a conference call Monday that the company will be “a total beverage solution.”

Under the deal, shareholders of Dr Pepper Snapple will get $103.75 per share. They’ll maintain ownership of 13 percent of the merged company.

The payout to shareholders totals $18.7 billion in cash.

The Wall Street Journal said the acquisition will “go down as the largest soft-drink deal ever.”