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DGED Diageo Adr

117.6988
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Name Symbol Market Type
Diageo Adr LSE:DGED London Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 117.6988 63 00:00:00

Diageo PLC Diageo Sells Portfolio of Brands (0160H)

12/11/2018 7:00am

UK Regulatory


Diageo Adr (LSE:DGED)
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TIDMDGE

RNS Number : 0160H

Diageo PLC

12 November 2018

12(th) November 2018

Diageo sells portfolio of brands to Sazerac

Diageo has agreed the sale of nineteen brands in an agreement with Sazerac for an aggregate consideration of $550 million. The net proceeds of approximately GBP340 million, 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 GBP2bn. The transaction, which is subject to regulatory approval, is expected to complete early in 2019.

Ivan Menezes, Chief Executive of Diageo, said: "Diageo has a clear strategy to deliver consistent efficient growth and value creation for our shareholders. This includes a disciplined approach to allocating resources and capital to ensure we maximise returns over time. Today's announcement is another example of this strategy in action. The disposal of these brands enables us to have even greater focus on the faster growing premium and above brands in the US spirits portfolio."

Further Information

-- The brands included in the transaction are Seagram's VO, Seagram's 83, Seagram's Five Star, Myers's, Parrot Bay, Romana Sambuca, Popov, Yukon Jack, Goldschlager, Stirrings, The Club, Scoresby, Black Haus, Peligroso, Relska, Grind, Piehole, Booth's and John Begg.

-- The transaction is approximately 1.9 pence per share dilutive to pre-exceptional eps in the first full financial year.

-- The transaction is expected to generate an exceptional gain on disposal of approximately GBP110m.

-- Diageo has also agreed to enter into long-term supply contracts with Sazerac on completion for five of the brands each for a period of ten years. Supply of all other brands will transition to Sazerac within a one year period from completion.

-- Further details with respect to the execution of the additional share repurchase will be made available following completion of the transaction and aligned with the execution of the remaining tranches of the previously announced programme of up to GBP2bn.

ENDS

CONTACTS

   Investor Relations: Pier Falcione                                           +44 (0) 20 8978 4838 

investor.relations@diageo.com

   Media Relations: Jessica Rouleau                                          +44 (0) 20 8978 1286 

press@diageo.com

About Diageo

Diageo is a global leader in beverage alcohol with an outstanding collection of brands across the spirits and beer categories. These brands include Johnnie Walker, Crown Royal, J B, Buchanan's and Windsor whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.

Diageo is a global company, and our products are sold in more than 180 countries around the world. The company is listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO).

Celebrating life, every day, everywhere.

About Sazerac

Sazerac is one of America's oldest family owned, privately held distillers with operations in the United States in Louisiana, Kentucky, Indiana, Virginia, Tennessee, Maine, New Hampshire, South Carolina, Maryland, California, and global operations in the United Kingdom, Ireland, France, India, Australia and Canada. For more information on Sazerac, please visit www.sazerac.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

November 12, 2018 02:00 ET (07:00 GMT)

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