Diageo Hires Bankers to Sell U.S.-Focused Spirits Brands -Sources
24 Mai 2018 - 2:44PM
Dow Jones News
By Saabira Chaudhuri
Diageo PLC has hired bankers to sell its Canadian whisky brand
Seagram's VO and cinnamon schnapps brand Goldschlager, among a
number of U.S.-focused spirits brands, according to people familiar
with the matter.
Diageo, the world's largest liquor maker, is also looking to
offload other regional brands such as Myers's rum, Popov vodka and
sambuca brand Romana, according to these people, as it looks to
tighten its focus on pricier, international brands that are posting
stronger growth.
Centerview Partners has been hired to sell the portfolio, which
could bring in proceeds of up to $1 billion and will include
several more brands.
Sky News reported on Diageo's move earlier Thursday.
Diageo's shares were up 1.6% in afternoon trading in London.
Under Chief Executive Ivan Menezes, Diageo--which owns Smirnoff
vodka, Johnnie Walker whisky and Tanqueray gin--has been focused on
shedding assets it deems non-core. In recent years it has sold
Scottish hotel and golf resort Gleneagles and Diageo's wine
portfolio.
The process to find buyers kicked off only this week but the
company is hoping to sell the brands in a single transaction,
meaning likely buyers will include private equity firms, according
to one of the people.
"We regularly review our portfolio to ensure we are maximising
shareholder value," said a Diageo spokeswoman.
Write to Saabira Chaudhuri at Saabira.Chaudhuri@wsj.com
(END) Dow Jones Newswires
May 24, 2018 08:29 ET (12:29 GMT)
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