Blackstone and Lion Capital, both private equity companies, have collaborated to make a formal takeover bid. The deal was valued more than a billion pounds for Lucozade and Ribena. The two latter mentioned are soft drink brands that were put up for sale by drug manufacturer, GlaxoSmithKline (GSK). This was according to a report on Sunday published by Sky News.
GSK directed an increase in focus in its consumer health operations on emerging markets. The company decided to put Lucozade and Ribena for sale as the soft drink brands no longer fit the drugmaker's portfolio. Lucozade and Ribena are among Britain's best sellers but lack a wider reach globally.
Last month, JPMorgan and Greenhill were appointed by GSK to be the sale advisors.
Rothschild bankers were appointed by Blackstone and Lion Capital to advise them on their bid said the Sky News report.
Blackstone and Lion Capital could not be reached to comment with said report.
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