Asahi Group Holdings Ltd. said Thursday it will acquire PepsiCo Inc.'s exclusive bottler in Indonesia through a joint venture with an Indonesian food company.
Asahi Group will buy PT Pepsi-Cola Indobeverages for about ¥2.94 billion and turn the company into a consolidated subsidiary.
Asahi Group set up the venture in Indonesia last year. The buyout is part of its efforts to deploy full-scale beverage operations in Southeast Asia's largest country. Indonesia has a population approaching 250 million and is one of the region's fastest-growing economies.