November 12, 2018 / 7:13 AM / a month ago

Diageo to sell 19 brands to U.S.-based Sazerac for $550 mln

Nov 12 (Reuters) - Diageo Plc agreed to sell 19 brands to U.S.-based company Sazerac for $550 million, the world’s largest spirits company said on Monday.

The sale will be dilutive to pre-exceptional earnings per share in the first full financial year after closing and includes brands such as Seagram’s VO, Seagram’s 83, Seagram’s Five Star, Myers’s, among others. Diageo plans to return proceeds from the sale to shareholders. (Reporting by Muvija M in Bengaluru; Editing by Gopakumar Warrier)

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