UK based multinational firm Diageo, producer of alcoholic beverages, has announced the agreement to sell its premium Scotch whisky brand, Windsor, to Bayside/Metis, a South Korean private equity group.
According to sources, the agreement includes the brand’s W Series, and Bayside Private Equity and Metis Private Equity consortium are purchasing it for the price of KRW 200 billion (around $164 million).
Sam Fischer, president of Asia Pacific and global travel for Diageo, said: “This transaction marks the next chapter for Diageo Korea. We remain fully committed to the market and further developing our international spirits and beer business, which is being driven by premiumisation and consumer interest in categories like international whisky”.
Bum Jun Kim, CEO of Bayside Private Equity for Bayside/Metis added: “Windsor is an important addition to our investment portfolio and allows us to participate in the dynamic Korean beverage alcohol market. We are confident that we can build on the innovation of Windsor and unlock further potential. We will work closely with Diageo to ensure a smooth transition over the next few months”.
This deal is estimated to be concluded in fiscal 2023.