DEO Offloads 54.4% Stake in Seychelles Breweries: What Should You Know [Yahoo! Finance]
Diageo plc (DEO)
US:NYSE Investor Relations:
diageo.com/en/investors
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Source: Yahoo! Finance
its 54.4% shareholding in Seychelles Breweries Limited to Phoenix Beverages. The transaction, which is valued at nearly $80 million, is likely to be completed in June this year. Phoenix Beverages is a subsidiary of Mauritius-based IBL Group. Per the terms of the agreement, Diageo will maintain the ownership of its brands presently produced by Seychelles Breweries (Guinness and Smirnoff RTDs) and distribute IPS in-market. This will be licensed to Seybrew in a new license and royalty agreement in the long run. The long-term partnership with Phoenix Beverages goes in sync with DEO's portfolio-management initiative. This also highlights Diageo's commitment to having a robust operating model in the Indian Ocean Islands designed to deliver sustainable growth. This transaction also creates Diageo's alliance with Phoenix Beverages as a partner in the Indian Ocean region. This key beverage producer boasts extensive expertise across the Indian Ocean Islands and is DEO's partner in Mauriti
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