Diageo swaps Ciroc rights for Lobos 1707 Tequila stake [Yahoo! Finance]
Diageo plc (DEO)
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Source: Yahoo! Finance
The drinks giant has struck a deal with US investment firm Main Street Advisors for a joint venture covering the two brands. Diageo is swapping the majority ownership of Ciroc's brand rights in North America for a majority stake in Lobos 1707 worldwide. The financial terms were not disclosed. The UK group formed a partnership with US musician Sean “Diddy” Combs in 2007 to promote Ciroc but became sole owner last year after a legal dispute with the rapper was settled. Before Christmas, Bloomberg reported Diageo had contacted potential parties to gauge interest in acquiring Ciroc. Diageo will retain the rights to Ciroc outside North America. “The Main Street Advisors track record speaks for itself and, together, we will establish a strong platform to unleash the full potential of the Cîroc brand for new generations and to drive the next phase of growth for Lobos 1707,” Sally Grimes, the CEO of Diageo's business in North America, said. In the six months to 31 December, Ciroc
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