Danone has completed the sale of its Frucor Australasian drinks division to Japan's Suntory for EUR600m (US$764m).

The French dairy and water group said today (02 February) that it has sealed the deal with Suntory, after announcing an initial agreement last October.

Frucor has annual sales of around EUR210m and, thanks to the V brand, is the market leader in energy drinks across Australia and New Zealand.

Suntory caught the market by surprise with its swoop for the division, after Japanese rival Asahi and Coca-Cola Amatil had been touted as the most likely suitors.

Danone, which sold the business in order to focus on "core" brands, said it would use the proceeds of the sale to repay debt.