PepsiCo has reached agreement on a huge $7.8bn deal to buy its two biggest bottlers, Pepsi Bottling Group and PepsiAmericas.

Under a deal announced today, PepsiCo will pay $36.50 a share for Pepsi Bottling Group (PBG) and $28.50 a share for PepsiAmericas, half in cash and half in stock, based on the July 31 closing price of PepsiCo.

The deal for the two North American groups is expected to bring annual savings of around $300m by 2012 through greater efficiency across the group's operations.

Outside of the US, PBG has operations in Canada, Greece, Mexico, Russia, Spain and Turkey. PepsiAmericas, meanwhile, has a major presence in central and eastern Europe, with plants in the Czech Republic, Poland, Hungary, Slovakia and Romania, as well as facilities in central America, the Caribbean and the US.

The deal comes just over three months after PepsiCo first offered around $6bn to take over the two companies, an offer they rejected as undervaluing their businesses.

Progress on the deal then became acrimonious as PepsiCo launched a lawsuit against PBG, claiming that two directors who sit on both boards were excluded from PBG's discussions over whether to accept the initial offer.

In today's statement, PepsiCo chairman and chief executive officer Indra Nooyi said that the deal responded to "demand that we create a more flexible, efficient and competitive system that can drive growth across the full range of PepsiCo beverage brands".

PBG chairman and chief executive officer Eric Foss said the transaction "positions the entire Pepsi system to continue to win in the marketplace".

PepsiAmericas chairman and chief executive officer Robert Pohlad added: "Bringing together these three great companies is bold and strategically innovative, and will create a system unmatched in our industry."