The privately-negotiated deal between the Japanese food and beverage giant and GlaxoSmithKline to buy the Lucozade and Ribena brands is a blow to some of the world’s largest buyout firms.

Suntory's £1.35 billion cash deal to buy the two brands will see the Japanese conglomerate pay 13 times the company's earnings before interest, tax, depreciation and amortisation, two people familiar with the situation said.