The Mexican company Coca-Cola FEMSA announced Saturday that it has reached an agreement for a total buy-out of the Brazilian firm Companhia Fluminense de Refrigerantes for the cash sum of $448 million.

The transaction awaits approval by Brazilian regulatory authorities, the Mexican company that is the world's biggest bottler of Coca-Cola drinks said in a communique.

Coca-Cola FEMSA is also seeking approval for the deal from The Coca-Cola Company.

The Brazilian company generated some $232 million in net revenues in the 12 months ending March 31 of this year, as well as an EBITDA - earnings before interests, taxes, depreciation and amortization - of $40 million, the communique said.

"This acquisition highlights the long-term strategic importance of the Brazilian market for Coca-Cola FEMSA," the CEO of the Mexican company, Carlos Salazar Lomelin, said.

Companhia Fluminense, founded 64 years ago in Rio de Janeiro state, has operations in the states of Minas Gerais, Rio de Janeiro and Sao Paulo, from where it serves 141 cities.

It operates a bottling plant and four distribution centers with 2,000 employees serving 4.5 million consumers, the Mexican company said. EFE