Diageo, the world's largest spirits maker, said on Thursday it had agreed to acquire control of United National Breweries beer business in South Africa, buying the remaining 50 per cent stake it did not already own.
Diageo, the maker of Smirnoff vodka and Guinness, struck a deal in January 2013 to buy half of the company, which owns United National Breweries’ traditional sorghum beer business in South Africa.
On Thursday it said it would pay an initial $22 million to Pestello Investments for the remaining half.
The deal includes a potential earn-out payment of up to $14 million and is conditional on consent from the South African competition authority.
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Reuters
