The deal comes just three months after Refresco rejected a US$1.5 billion takeover offer from French private equity investor PAI Partners, saying the offer was “inadequate”.

Refresco said it would finance the deal with debt and then expected to issue US$200 million in new shares within a year of closing the deal.

Cotts bottling activities make sales of around US$1.7 billion and earnings before interest, tax, and depreciation and amortization (EBITDA) of nearly US$137 million. 

“With the transaction we create nationwide coverage in the US, the largest single soft drink drinks market globally, while adding significant capacity and extending our brand product portfolio in the UK,” Refresco chief executive Hans Roelofs said in a company statement.