Pernod Ricard sells Ambrosio Velasco

Pernod Ricard sells Ambrosio Velasco

Pernod Ricard has completed the sale of Spanish wine and liqueurs business Ambrosio Velasco to Diego Zamora for EUR32.4m (US$41.1m) in cash.

Pernod said today (31 August) that the two firms have completed the deal following regulatory clearance. The sale was announced on 1 July.

The deal is part of Pernod's sell-off of non-core assets in Spain. It has also agreed to sell the Bodegas Marques de Arienzo winery for EUR28m.

Ambrosio Velasco owns the Pacharán Zoco brand and Palacio de la Vega wine from Navarra in Spain. Diego Zamora is a family-owned Spanish company, best known as the Producer of Licor 43 liqueur. It also makes Villa Massa Limoncello, Matusalem rum and Ramon Bilbao Rioja wines, as well as distributing wine and spirits brands in Spain.