By Karlee Weinmann (September 5, 2013, 3:52 PM EDT) -- Suntory Holdings Ltd. is closing in on a deal that would see it pay $1.6 billion for a pair of popular British drink brands from GlaxoSmithKline PLC, sources told Reuters on Thursday. A sale agreement would rule out an auction of the Lucozade and Ribena names, which have been on the selling block since April. Several private equity firms have been mentioned as contenders in the hunt for a buyer, but GSK has settled on Japan-based Suntory to safeguard the future of the brands, both top sellers in Europe but lacking in global marketability. The Japanese company, which plunked down $3 billion for France-based Orangina Schweppes Group in 2009, has sought to build up its European drink business....