Britain's Diageo and France's Pernod Ricard clinched the world's biggest alcoholic drinks deal today, buying Seagram's wines and spirits business for $8.15 billion in cash. Diageo, which owns Guinness, will put up $5bn of the total.
The Anglo-French team has agreed to sell non-core Seagram brands within 12 months. Profits and losses from these brands will match the 60-40 split of the purchase price.
France's Vivendi put Seagram up for sale in September after its merger with Seagram's entertainment businesses to form Vivendi Universal.
