Danish brewing giant Carlsberg has successfully agreed to acquire British soft drinks maker Britvic for £3.3 billion, marking a significant expansion into the non-alcoholic beverage market.

The deal, announced on 8 July, comes after Britvic initially rebuffed two earlier bids from Carlsberg, citing undervaluation of the company.

Under the terms of the agreement, Carlsberg will pay 1,290 pence in cash for each Britvic share, along with a special dividend of 25 pence per share. This represents a premium of approximately 36 per cent over Britvic's closing share price on 19 June, before speculation about Carlsberg's interest began circulating.

The acquisition is part of Carlsberg's strategy to create an integrated beer and soft drinks company in Britain, leveraging shared procurement, production, and distribution networks. It also aims to strengthen Carlsberg's partnership with PepsiCo, which has existing bottling agreements with both companies.

Britvic, known for brands such as Robinsons, J20, and Fruit Shoot, has a strong presence in the UK and international markets including Brazil, France, and Ireland. The company recently reported strong third-quarter trading, with revenue increasing by 6.3 per cent.

In a related move, Carlsberg has also agreed to buy out UK pub group Marston's 40 per cent stake in their joint brewing venture, Carlsberg Marston's Limited, for £206 million in cash.

The deals reflect a broader trend among major brewers to diversify beyond traditional beer markets, as some consumers shift towards spirits or reduce alcohol consumption. Analysts view the Britvic acquisition as a relatively low-risk transaction with attractive financial prospects.

Carlsberg's shares rose nearly 4 per cent following the announcement, while Britvic's shares increased by almost 5 per cent. The Danish brewer now aims to achieve cost savings of around £100 million through the integration of Britvic into its operations.

The successful acquisition comes after Britvic had previously rejected Carlsberg's offers of £12 and £12.50 per share in June.

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