The world's largest beverage maker Coca-Cola has closed its acquisition deal for the US-based water brands maker Glacéau in which India's Tata Tea held 30 per cent equity shares worth $1.2 billion.
Glacéau will now operate as a separate business unit of Coca-Cola North America, giving it a strong platform from which to accelerate its growth in active lifestyle beverages, Coca-Cola announced in Atlanta on Thursday.
The company had last month announced acquisition of Energy Brands Inc, known as Glacéau, and its full range of fast-growing, enhanced water brands, including Vitaminwater for $4.1 billion in cash.
"This acquisition fits perfectly within our focus on our North American business and our belief that alongside our sparkling beverage leadership, an expanded active lifestyle business will greatly enhance our still beverage line-up," said Muhtar Kent, president and COO.
"We're pleased to have closed the transaction and now we are moving full speed ahead to fully leverage Glacéau's growth potential, first in the United States and then around the world."
Closing of the acquisition follows the expiration of the waiting period under the Hart-Scott-Rodino Act and the satisfaction of other customary closing conditions, the company said.