Danish brewing group Carlsberg has agreed to acquire JI Pepsi Cola Bottler Armenia and Georgia-based Iberia Refreshments from investment group Revery, marking an expansion of its business in the South Caucasus.

The acquisition in Armenia is subject to government approval. The financial terms of the agreement have not been disclosed, according to Armenia Today.

Once the deal is completed, Carlsberg will take over the production and distribution of PepsiCo beverages in Armenia and Georgia.

The two countries will join Azerbaijan to form a unified South Caucasus cluster under the new arrangement, bringing Carlsberg’s operations in all three markets together within a single regional structure.