The Lucozade and Ribena drinks brands have been sold by GlaxoSmithKline (GSK) to Japanese firm Suntory for £1.35bn.
Suntory already owns beverage firm Orangina Schweppes, and the deal is expected to help it expand into new markets.
The deal was widely expected after Suntory was reported to be in talks with GSK last week.
GSK chose to get rid of the well-known UK brands after deciding to focus on its core pharmaceuticals business.
Ribena and Lucozade saw combined sales totalling £600m last year, but GSK decided to offload the brands after a strategic review in April.
At the time, it said the brands would be able to grow better under different ownership.
Ribena first went on sale in the 1930s, while Lucozade dates back to 1927.
Both are made in the UK in Coleford, Gloucestershire.
Although well-known in the UK, both brands are less recognised abroad, particularly in the emerging economies where GSK sees its growth markets.
Suntory has sought to expand globally in recent years from its base in Japan, where it has seen sluggish growth in sales.
It established its presence in Europe just four years ago with its purchase of Orangina Schweppes for 2.6bn euros (£2.2bn).
The purchase of Ribena and Lucozade pre-empted a possible auction of the brands, with private equity firms, such as Blackstone and Lion Capital, and Irn-Bru maker AG Barr all reported to be considering bids.
Suntory was helped by a flotation on the stock market earlier this year that raised $4bn (£2.6bn).
GSK said it expected the sale to be completed by the end of the year.
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