The two brands were put up for sale by the UK-based drug manufacturer, as they did not fit GSK’s portfolio.
The sale also comes at a time when the company is concentrating its efforts on boosting its consumer health operations in emerging markets.
A GSK spokesperson was quoted by The Telegraph as saying that all strategic options for the two energy drinks brands were currently being reviewed.
"This review is ongoing, all options are on the table and no decisions have been taken at this time," the spokesperson added.
JPMorgan and Greenhill will serve as advisors for GSK in relation to the transaction, while bankers at Rothschild have been appointed by Blackstone and Lion Capital to advice on the bid, Sky News reported.
According to the company, the combined sales of the Lucozade and Ribena brands in the first quarter had decreased by 2%.