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Suntory Beverage to buy JT Vending machine unit for US$1.2 billion
[TOKYO] Suntory Beverage & Food Ltd will buy Japan Tobacco Inc's vending machine businesses for about 150 billion yen (S$1.6 billion), the cigarette-maker said Monday.
The Suntory Beverage acquisition also includes the transfer of two drinks brands, "Roots" and "Momono Tennensui," Japan Tobacco said in a statement to the Tokyo Stock Exchange. The Nikkei reported the deal earlier, without saying where it got the information.
Takeshi Niinami, president of parent Suntory Holdings Ltd, had said in February that Suntory Beverage is looking into whether to make the acquisition.
Japan Tobacco was exploring the sale after saying in February it will exit its drinks business.