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(Alliance News) - Diageo PLC on Friday said it has completed the acquisition of Don Papa Rum, a dark rum from the Philippines.
Diageo is a London-based brewer and distiller with brands including Guinness, Baileys, Tanqueray, Johnnie Walker, Smirnoff and Captain Morgan.
The FTSE-100 company said the acquisition is in line with its strategy to buy high growth brands with attractive margins.
Don Papa Rum was bought in January for an initial amount of EUR260 million, with a further potential payment of up to EUR177.5 million through to 2028 based on performance of the "super-premium, dark rum".
The company said then that the "super-premium plus segment" of the rum category had a compound annual growth rate of 18% in Europe and 27% in the US between 2016 and 2021.
Shares were down 0.8% at 3,509.50 pence each on Friday morning in London.
Don Papa Rum was launched in 2012.
By Xindi Wei, Alliance News reporter
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