The shares tendered and accepted by Diageo are in the process of being transferred to Relay and represent 26% of USL’s issued share capital.
The aggregate consideration for these shares is INR 114,489,198,420 (£1,117,990,248). Diageo’s prior interest in USL was 28.78%, acquired for INR 65,742,163,642 (£726,550,972). Diageo, therefore, will have a total interest of 54.78% in USL acquired for a total consideration of INR 180,231,362,062 (£1,844,541,220).
“Our announcement today is significant for Diageo,” said Diageo chief executive Ivan Menezes. “India has now become one of Diageo’s largest markets and will be a major contributor to our growth ambitions.
“USL is the leading player in the attractive Indian spirits market with great brands, a unique route to consumer and talented people. We can now combine that strong platform with Diageo’s strengths to create a compelling future in India for Diageo, USL and the Indian spirits industry.”
Source: Diageo
© FoodBev Media Ltd 2024