In 1989, PepsiCo Inc. acquired three international franchise-food operationsPizza Hut, Taco Bell, and Kentucky Fried Chicken. PepsiCo

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In 1989, PepsiCo Inc. acquired three international franchise-food operations—Pizza Hut, Taco Bell, and Kentucky Fried Chicken. PepsiCo paid an aggregate of $$3.4$ billion for the three businesses, which had been valued by investment professionals to be worth, in aggregate, $$400$ million. As a consequence, PepsiCo recorded $$3.0$ billion of goodwill on its consolidated balance sheet associated with the acquisitions. Discuss why PepsiCo may have been willing to pay so much above the fair market value of the three businesses.

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