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News 33

Global Deal: Diageo Extends Foothold in Brazil

London - Diageo PLC said Monday it has bought one of Brazil's biggest producers of cachaca, the country's best-selling spirit, as part of the U.K. drink maker's continued expansion into the lucrative Latin American market.

Diageo will pay GBP300 million to buy Agroindustrial Limitada's Ypioca brand, giving it a firmer foothold in Brazil even as it continues to eye a much bigger target in nearby Mexico - tequila maker Jose Cuervo.

"The acquisition of Ypioca gives us the leading premium brand in the largest local spirits category," said Chief Executive Paul Walsh.

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