UK-based whiskey firm Whyte & Mackay has finally found a buyer after months in limbo following owner United Spirits’ agreement to divest the business in the wake of its Diageo merger.
Whyte & Mackay will be soled to Philippines-based Emerador in a $729 million deal, according to reports.
The sale follows UK-based Diageo’s deal to acquire the India-based alcohol company. UK regulators required the divestiture after finding that Diageo’s whiskey operations in the area already compete with Whyte & Mackay, and without the sale it could lead to a “substantial lessening” in competition.
The future of the assets were uncertain since the spirits firms announced more than one year ago that Diageo was looking to nearly double its bid in United Spirits in a $1.9 million deal.
Full content: Reuters
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