PepsiAmericas has completed a joint venture deal with Central America Beverage Corporation (Cabcorp), the soft drinks bottler has said.

Cabcorp will hold 82% of the venture, which will combine the companies' Central American and Caribbean bottling operations, excluding the Bahamas.

"Our Caribbean business combined with Cabcorp is a great fit, providing scale, expertise and a strong platform for growth and geographic expansion," said Kenneth Keiser, president and COO of PepsiAmericas.

Completion of the deal comes as PepsiAmericas continues to hold out against a takeover offer from PepsiCo.