(Sharecast News) - Drinks maker Diageo has agreed to sell its Windsor business, including the W series, to a South Korean private equity group for KRW200bn (£124m).
The business is being sold to the Bayside Private Equity and Metis Private Equity consortium. Diageo said the deal will have no material impact on earnings per share in 2022.
As part of the agreement, Diageo will supply Scotch whisky to Bayside/Metis under a 10-year supply agreement.
Sam Fischer, president of Asia Pacific and Global Travel for Diageo, said: "This transaction marks the next chapter for Diageo Korea. We remain fully committed to the market and further developing our international spirits and beer business, which is being driven by premiumisation and consumer interest in categories like international whisky. We take a disciplined approach to capital allocation and this sale is very much in line with our track-record of active portfolio management.
"We are grateful to our Diageo Korea employees for all their dedication and support of the Windsor business and we will work with them, the Union, our valued customers and partners, and Bayside/Metis to ensure a smooth transition."
Diageo (DGE)
