Lucozade and Ribena, two top Nigerian companies known to have a large number of consumers, have been sold off to a Japanese beverage firm.
GlaxoSmithKline Nigeria has made final arrangements to seal the sale of the companies.
This new move was announced by Suntory Nigeria, at a press briefing on Tuesday.
There had earlier been negotiations between the parent company GlaxoSmithKline Nigeria, GSK Global and Suntory in 2013, when the Japanese firm reportedly bought the two top brands at $1.35billion and Suntory further concluded the deal by 2014.
The Japanese firm, owners of the beverage company, Orangina Schweppes, said the new deal will help them expand and break even in the markets while GSK focuses on its pharmaceutical side, hence the need to dispose of the well-known brands.
Mr Chinedu Okereke, the Managing Director, Suntory Beverage and Food Nigeria, said that takeover procedures within the Nigeria Stock Exchange was a hindrance to the entrance of Suntory into the Nigerian market.
He also disclosed that the two products, Lucozade and Ribena, will be re-branded to reflect the identity of the new owners.