Rotterdam-based juice and soft drinks bottler Refresco has accepted a €20 per share offer from a consortium of investors headed by French group PAI Partners. The bid values Refresco at €1.6bn which is substantially higher than the first offer PAI made in April of this year, the Telegraaf reported.

PAI was joined by British Columbia Investment Management in the offering. The transaction is expected to be completed in the first quarter of 2018.

PAI first expressed interest in Refresco in 2015 but the Rotterdam company opted instead for an IPO. Refresco managed to trim its debt as a result which made it possible for a series of acquisitions.

Last summer, Refresco announced the purchase of the bottling activities of its US peer Cott for €1.1bn. This transaction is expected to be completed in the final quarter of this year.

PAI Partners, the former investment arm of the French bank BNP Parisbas, is also owner of holiday firm Roompot Vakanties. PAI owned lingerie stores chain Hunkemöller for a number of years, but sold it to US investor Carlyle at the beginning of 2016.