Home Business News Spirits giant Diageo sells 19 brands for $550m

Spirits giant Diageo sells 19 brands for $550m

by Purvai Dua
12th Nov 18 10:10 am

Spirits giant Diageo has sold 19 brands to US-based Sazerac in a $550m (£427m) deal, which is due to complete early next year.

Diageo chief executive Ivan Menezes told media: “The disposal of these brands enables us to have even greater focus on the faster growing premium and above brands in the US spirits portfolio.”

Among the brands included in the sale are Seagram’s VO, Seagram’s 83, Seagram’s Five Star, Parrot Bay, Romana Sambuca, Popov, Yukon Jack, Black Haus, Grind, Piehole, Booth’s and John Begg.

Diageo says the net proceeds will be returned to shareholders via share buybacks, in addition to a repurchase programme announced in August this year.

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