Beverage giant PepsiCo has agreed to acquire a controlling stake in Russian food and beverage manufacturer Wimm-Bill-Dann for $3.8bn.

Under the agreement, PepsiCo will acquire 66% of the company from Wimm-Bill-Dann's shareholders and subsidiaries.

The transaction is expected to raise PepsiCo's annual global revenues to nearly $13bn, a 305% increase on its current revenues.

PepsiCo chairman and chief executive officer Indra Nooyi said that Wimm-Bill-Dann is financially attractive and will give the firm a strong, high-growth platform in the dairy category.

"Dairy has a huge, untapped potential to bridge snacks and beverages," she added.

With the move, PepsiCo plans to build a $30bn nutrition business by 2020.

According to industry analysts, Wimm-Bill-Dann accounts for 20% of Russia's dairy market and produces 40% of its whole milk products.