Danish brewing giant Carlsberg has agreed a £3.3 billion deal to buy Robinsons squash maker Britvic.

The UK soft drinks firm, which also makes J2O and Tango, told shareholders on Monday morning it will recommend the latest deal – which is valued at £4.1 billion when debts are taken into account – after rejecting a previous £3.1 billion offer.

Carlsberg will pay 1,315p per share to Britvic investors under the deal. Carlsberg had an initial £3.1 billion deal rebuffed (Carlsberg/PA)

The brewing giant had been expected to return with a stronger offer after PepsiCo struck a deal with Carlsberg which would preserve Britvic’s bottling agreement with the US drinks giant in the event of a takeover.

ADVERTISEMENT

Ian Durant, non-executive chairman of Britvic, said: “The proposed transaction creates an enlarged international group that is well-placed to capture the growth opportunities in multiple drinks sectors.”

In a separate deal on Monday, Carlsberg also agreed to take control of its UK brewing joint venture with Marston’s, the Carlsberg Marston’s Brewing Company, which makes brands including Hobgoblin and Pedigree.

Marston’s confirmed it will receive £206 million to sell Carlsberg its 40% stake in the venture.