Diageo Sells Portfolio Of Brands To Sazerac

Diago has agreed the sale of 19 brands in an agreement with Sazerac for an aggregate consideration of US$550m. The net proceeds of around £340m, after tax and transaction costs, will be returned to shareholders through a share repurchase following completion, which will be incremental to the previously announced programme of up to £2bn. The transaction, which is subject to regulatory approval, is expected to complete early in 2019.