Diageo sells 19 portfolio brands to Sazerac

Diageo agreed to the sale of 19 brands in a deal with Sazerac for an aggregate consideration of USD 550 million. The net proceeds of approximately USD 435 million, after tax and transaction costs, will be returned to shareholders through a share repurchase following completion, which will be incremental to the previously announced program of up to USD 2.6 billion. The transaction, which is subject to regulatory approval, is expected to complete early in 2019. The brands included in the transaction are: Seagram’s VO; Seagram’s 83; Seagram’s Five Star; Myers’s; Parrot Bay; Romana Sambuca; Popov; Yukon Jack; Goldschlager; Stirrings; The Club; Scoresby; Black Haus; Peligroso; Relska; Grind; Piehole; Booth’s; and John Begg.