(Adds details on purchase agreement, Andina CEO's comments)
SANTIAGO, July 10 (Reuters) - Chilean bottler Embotelladora Andina signed an agreement on Wednesday to buy Brazilian Coca-Cola bottler Companhia de Bebidas Ipiranga in a transaction valued at 1.218 billion reais, or $539 million, Andina said.
Andina's and Ipiranga's board of directors have approved the transaction, which is expected to be completed during the second half of 2013, the Chilean company said in a statement.
The deal "highlights our commitment to the Brazilian market, as we see it as a region of immense growth potential with a valuable consumer market that will further fuel our operations," Andina chief executive Miguel Angel Peirano said.
Ipiranga, with operations in Brazil's Sao Paulo and Minas Gerais states, had 2012 volume sales of 89.3 million unit cases and revenues of 695 million reais, or $356 million.
Andina said that the transaction, which it expects to finance with debt, would allow it to "capture operative and logistics synergies for approximately 10 million reais per year, as well as tax efficiencies."
Andina already has operations in parts of Argentina, Brazil, and Chile, as well as all of Paraguay. (Reporting by Anthony Esposito; Editing by Paul Tait and Stephen Coates)