Signed, sealed and delivered: Sazerac completes transaction of 19 Diageo brands
The holidays will be celebrated with an extra festive spirit this year for The Sazerac Company as it has just completed the sale of 19 brands from global drinks leader Diageo.
On Dec 21, Diageo confirmed that it has sold a portfolio of 19 brands to Sazerac for US$550 million. The net proceeds of approximately £340 million (US$430 million), after tax and transaction costs, would be returned to shareholders through a share repurchase following completion.
The brands purchased by Sazerac are Seagram's V.O., Seagram's 83, Seagram's Five Star, Myers's, Romana Sambuca, Yukon Jack, Booth's, Goldschlager, Popov, Relska, The Club, Black Haus, Peligroso, Grind, Piehole, Parrot Bay, Stirrings, Scoresby and John Begg brands.
The deal was originally announced early November. Ivan Menezes, Chief Executive of Diageo said: “The disposal of these brands would allow for a greater focus on the faster growing premium and brands in the US spirits portfolio.”
Jake Wenz, Sazerac's Chief Operating Officer said: "We are excited to close on the sale of these 19 iconic brands from Diageo and we look forward to further developing these brands globally within the Sazerac portfolio.”