StockMarketWire.com - Diageo confirmed Friday it had sold a portfolio of nineteen brands to Sazerac for $550m.

The net proceeds of approximately £340m, after tax and transaction costs, would be returned to shareholders through a share repurchase following completion.

The disposal of these brands would allow for a greater focus on the faster growing premium and brands in the US spirits portfolio, Ivan Menezes, Chief Executive of Diageo, said in November, when the deal was first announced.




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