PepsiCo (NYSE: PEP) did a little buying in the marketplace today. No, I'm not talking about share buybacks -- I'm talking about an acquisition in Russia.

PepsiCo teamed up with Pepsi Bottling Group (NYSE: PBG) to take on a majority position in Russia's largest juice business, JSC Lebedyansky. The price tag was significant -- $1.4 billion (890 million euro). This AP news item indicates that it is the largest transaction for the beverage maker since its purchase of Quaker Oats.

Coca-Cola (NYSE: KO), watch out, because this is all about being competitive in the world marketplace, which means it's all about being competitive against you! It's also about hedging against the challenging growth rates in case volumes seen in the domestic marketplace, as well as taking on international exposure to gain the benefit of a weaker dollar. Consumer companies know that it's smart to think globally these days, so acquisitions like these take on major importance. Plus, PepsiCo cannot live on carbonated sodas alone, so any opportunity to broaden its portfolio base beyond its flagship brand is a welcome strategy (Coke knows this to be true, too).

It's difficult to argue that this is anything but a cool move -- I'd like to argue, since I own shares of Coca-Cola, but alas, I can't find a proper contrarian angle. So, nice move, Pepsi, you did good today, you got a decent asset in a growing international territory, and the price tag won't break the bank. But don't worry, my bubbly friend -- I'm sure Coke is taking note of this, seeing what it needs to do to remain competitive against you (at least, I hope that's what the brains in Atlanta are doing).

Disclosure: I own shares of Coca-Cola; positions can change at any time.