Tuesday , March 9 2021

Diageo sells 19 brands to US manufacturer Sazerac :: Investor.bg

Diageo sells 19 brands to the American manufacturer Sazerac

Photo: Reuters

Diageo sold 19 brands of US company Sazerac's portfolio to US $ 550 million (LVL 427 million) in the British giant premium alcoholic beverage industry.

The list includes three Seagram Whiskey brand Romana Sambuca varieties and a non-existent Booth's gin, reports BBC.

Diageo points out that sales will allow the company to focus on its premium brands in the United States.

According to the manufacturer, the transaction revenues, estimated at around GBP 340 million, will be returned to shareholders in the form of stock redemption.

The cabin was popular in the United Kingdom last year, but its production was stopped in 2017. Currently, vintage bottles of the 1960s and 1970s can be found at a price of up to 250 pounds.

Sazerac is one of the oldest distilleries for family distilleries operating in the territory of 10 countries, including several other countries, such as the United Kingdom, Ireland, France, India, Australia and Canada.

Diageo, whose portfolio includes brands like Guinness, Smirnoff and Johnnie Walker, also announce that they have agreed to conclude a 10-year supply agreement with Sazerac. Chief Executive Officer of the British company Ivan Menesse said that "Diageo is a clear strategy for achieving consistent, effective growth and value creation for our shareholders."

The transaction is subject to regulatory approval and is expected to be completed by early 2019.

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