Drinks group C&C is to sell its spirits and liqueurs business to Scottish-owned distillery William Grant for €300m.
The business being sold includes brands such as Tullamore Dew, Carolans, Frangelico and Irish Mist. For the year to the end of February, it is estimated to have made profits of around €15m.
The spirits business employs 57 people, who will transfer to William Grant when the deal is completed. William Grant has said it will maintain the current operations in Ireland, including at C&C's manufacturing site at Clonmel, Co Tipperary.
C&C's chief operating officer Stephen Glancey said the group intended to use the money to reduce its debt and invest to support its cider business. C&C owns Bulmers cider in the Republic of Ireland and Magners in the UK.
William Grant is a family-owned distillery, which distils brands including Scotch whisky Glenfiddich.
Shares in C&C closed 4.6% higher at €3.60 in Dublin this evening.
