Dive Summary:
- Following reported talks last week, the Japanese company Suntory Beverage & Food Ltd has agreed to purchase GlaxoSmithKline's British drink brands Lucozade and Ribena for 1.35 billion pounds ($2.1 billion).
- According to GlaxoSmithKline, the company's Lucozade energy drink nd Ribena liquid concentrate accounted for 500 million pounds in sales last year.
- A Monday statement from the British drugmaker indicated that the deal, which will also see the transfer of a manufacturing site, is expected to close later this year.
Dive Insight:
Suntory Beverage held an intitial public offering earlier this year and is currently looking for options abroad to decrease its dependence on the market at home.