Carlsberg expands PepsiCo bottling to 17 markets

• Carlsberg agreed to acquire two PepsiCo soft drink bottling businesses located in Georgia and Armenia.
• The transaction expands the bottling partnership to 17 markets and did not disclose a valuation.
• The company stated the acquisitions will create a South Caucasus cluster alongside operations in Azerbaijan.

Carlsberg executed an agreement to acquire PepsiCo (NASDAQ:PEP) bottling operations in Georgia and Armenia to increase its exposure to soft drinks.

The transaction involves taking over Iberia Refreshments and JI Pepsi Cola Bottler Armenia to expand the global bottling partnership to 17 markets.

The company stated that the two acquired businesses will join forces with its operations in Azerbaijan to form a South Caucasus regional cluster.
The analyst note projected that closer ties between the two beverage producers could lead to broader cooperation and new market access.

The execution of the Armenian acquisition remains subject to final regulatory approval from the country's government.