The U.K. and European antitrust authorities have approved the £3.3 billion ($4.2 billion) acquisition of Britvic PLC by Danish brewer Carlsberg. The deal, which aims to create a new integrated drinks business named Carlsberg Britvic, was given the green light after an initial probe by the U.K.'s Competition and Markets Authority (CMA) concluded that a full investigation was unnecessary. Britvic, based in Hemel Hempstead, Hertfordshire, is known for its soft drinks such as Robinsons squash, J2O, and Tango, and has an exclusive bottling agreement with PepsiCo for brands like Pepsi, 7up, and Lipton iced tea in the U.K. Carlsberg plans to leverage this agreement to expand its bottling operations globally. The transaction is expected to be completed on January 16, 2025, with anticipated cost savings of £100 million over five years. Britvic employs 4,500 people, including 2,000 in the UK.