The Pepsi Bottling Group, has said it has reached a deal on the value of shares of Pepsi-Gemex, Mexico's major bottler of PepsiCo products.
Pepsi Bottling, based in Somers, New York, won clearance from Mexican regulators last week in its bid to acquire shares of Pepsi-Gemex, which it already partially owns.
The parties agreed that the value of outstanding shares of Pepsi-Gemex equal Mexican Pesos 11.612 billion (€1.18bn). PepsiCo will also pay Pepsi Bottling Group Mexican Pesos 172.7 million as part of the deal.
PepsiCo already owns 35 per cent of Pepsi-Gemex, and Pepsi-Gemex president Enrique Molina holds 43 per cent and the remaining 22 per cent is in the hands of investors.
The deal is still subject to approval by the US Securities and Exchange Commission and PepsiCo's board of directors.
The Pepsi Bottling Group is the world's biggest maker, seller and distributor of Pepsi-Cola beverages.