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Founded by Ross Lane more than 70 years ago, Lane Affiliated Companies is a family owned business headquartered in Colorado, US.

Its territories include portions of Colorado, Arizona and New Mexico. The deal would be PBG's largest acquisition of a US bottler since becoming a publicly traded company in 1999.

"The Lane family has been an invaluable member of the Pepsi network for decades. Their long-time tradition of customer service and community involvement has earned their company a reputation as one of the best bottlers in the system," said PBG president and CEO, Eric Foss.

"We're very pleased to add the Lane operations to our business. Once completed, the deal will strengthen our operations by expanding our footprint across contiguous territories and enhancing our ability to meet the needs of our customers."

The transaction is expected to be completed during the fourth quarter of 2008. Financial terms were not disclosed.