Bega Cheese, an Australian diversified food company, agreed to acquire Lion Dairy & Drinks, a producer of diary products, from Kirin Holdings, a Japanese integrated beverages company, for $411m. The sale is unconditional, including no further regulatory approvals required and is expected to be completed in early 2021. “The sale will see Bega, as an established dairy and food company with more than 120 years of heritage, well placed to drive the business forward given its deep dairy capabilities and strong commitment to iconic Australian brands and the local dairy industry. The completion of this sale will enable further investment behind our priority categories of core beer, craft beer and seltzer in both domestic and international markets,” Stuart Irvine, Lion CEO.