Wed, 14 Oct 2015 | BUSINESS SALE
Diageo has negotiated a successful sale of its wine business to Treasury Wine Estates.
The sale has been agreed for $552 million and will include the US-based Chateau and Estate Wines and the UK-based Percy Fox businesses. The Blossom Hill and Yellow Trail wine brands are also part of the acquisition.
For London-floated Diageo, the sale will reap net proceeds of around £320 million when it completes later this year.
The firm's chief executive, Ivan Menezes, said that the sale will mean that the firm has released £1 billion from the sale of non-core assets since the beginning of the latest financial year.
Mr Menezes added: “Diageo's strategy is to drive stronger, sustained performance through focus on our core portfolio and today's announcement is another element of that strategy in action. Wine is no longer core to Diageo and this sale gives us greater focus.”
Earlier this month the firm divested its stake in Jamaican Red Stripe brewer Desnoes & Geddes and Guinness Anchor Berhad. The company sold its 57.9 per cent to Heineken for around £515 million.
Treasury already owns several high profile wine brands, including Penfolds, Rosemont Estate and Lindeman's. It has been the focus of a turnaround strategy which is performing well.
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