Coca-Cola FEMSA has teamed up The Coca-Cola Company to acquire Agua Brisa from SABMiller's subsidiary in Colombia.

The two companies confirmed today (7 August) that they have agreed to buy the bottled water business from SABMiller's Bavaria unit in the country. Coca-Cola FEMSA and Coca-Cola Co. will pay Bavaria US$92m for Brisa, which sold over 2.6m hectolitres of its still, sparkling and flavoured water brands in the last financial year.

"Through this acquisition, we will take another important step together with The Coca-Cola Co.," said Jose Antonio Fernandez Carbajal, chairman of Coca-Cola FEMSA and its parent company, FEMSA. "This transaction will expand our product portfolio to satisfy our consumers' preferences, reinforce our water strategy and continue to deliver value for our shareholders."

Karl Lippert, president of Bavaria, added: "The disposal of the water business will enable Bavaria to focus on its core strength, the brewing and distribution of beer and malted beverages. After closing, the transfer of assets and the commercial operation will be subject to a transition arrangement of several months, during which Bavaria will still be producing, selling and distributing Brisa."

The transaction is expected to close at some point between late 2008 and early 2009. Brisa's operations in Panama are excluded from the transaction.