Japanese beverage company Suntory has confirmed that it has agreed a deal to buy US company Beam Inc, which is behind well-known brands such as Jim Beam whisky.
Suntory is already one of the biggest drinks companies in the world and the firm announced it would complete a deal worth $16 billion (£9.7 billion) for its rival.
The Japanese firm stated that under the terms of the agreement, it will pay $13.6 billion in cash for Beam Inc and take on Beam's debt too.
Beam's chief executive Matt Shattock is set to continue in the role even after Suntory's acquisition of the business has been completed.
Suntory previously snapped up the Lucozade and Ribena brands from GlaxoSmithKline as it continues its aggressive expansion plans within the global drinks market.
The firm then went on to float its soft drinks and food business in July last year on the Tokyo Stock Exchange.
Suntory is also known for the eponymous whisky brand that was featured in the Bill Murray film Lost In Translation in 2003.
Learn about the Asian markets and CFD trading at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.