TOKYO -- Japan's Asahi Group Holdings will acquire a Singapore-based vending machine operator to expand the reach of its beverage brands in Southeast Asia.
The Japanese beer and soft drink producer said Friday it will acquire all outstanding shares of Advend Systems by the end of March 2020, turning it into a wholly owned subsidiary. The value of the deal, which will be conducted via Malaysian unit Etika Beverages, was not disclosed.
Advend leads the vending machine market in Malaysia and ranks third in Singapore. Combining its units with Etika's would bring Asahi's total in the two countries to more than 10,000.
Asahi sells soft drinks in six Southeast Asian markets, including Singapore, Thailand and Indonesia, and produces brands including Calpis and Wonda coffee in the region. Its soft drink business logged 45.9 billion yen ($422 million) in Southeast Asian revenue last year.