Japanese beverages firm Suntory has confirmed the purchase of soft drinks brands Lucozade and Ribena from GlaxoSmithKline (GSK).
Suntory, which already owns beverage firm Orangina Schweppes, stated that the £1.35 billion deal will help it to expand into new markets.
David Redfern, GSK's chief strategy officer, described Ribena and Lucozade as being "iconic" brands, adding: "Now is the right time to sell them as we increase the focus of our consumer healthcare business."
He also noted the future of Lucozade and Ribena is in good hands as Suntory already has a strong reputation in the drinks business.
On the back of the sale of Ribena and Lucozade being announced, the share price of GSK was slightly down today (September 9th).
At 16:27 BST, its stocks were selling for 0.73 per cent lower than at the start of the session.
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