GlaxoSmithKline disposal

A global healthcare company that develops, manufactures and markets pharmaceutical products, including vaccines, over-the-counter (OTC) medicines and health-related consumer products.  I have a holding in my income portfolio (epic code: GSK). 

GSK confirmed in an announcement today it has reached agreement to sell its drinks brands Lucozade and Ribena to the Japanese company Suntory Beverage & Food Ltd, for £1.35bn in cash with an estimated £0.05bn to be taken for fees. 

Completion is likely to be by the end of the year and the net proceeds of £1.3bn will be used to reduce their net debt, which stood at £15.7bn at the half year.