Pernod Ricard continues asset disposals

Pernod Ricard continues asset disposals

Pernod Ricard has sold off its interest in the Ambrosio Velasco Spanish wines and liqueurs business for EUR33.1m (US$40.5m) cash.

Pernod said today (1 July) that Diego Zamora will buy its shares in Navarra-based Ambrosio Velasco, which owns the Pacharán Zoco brand and Palacio de la Vega wine.

The deal is subject to regulatory approval in Spain. Pernod did not release further details.

Ambrosio is one of several wine and spirit assets held by Pernod in Spain. Earlier this week, Pernod declined to comment to just-drinks on a report that the company had agreed to sell its Arienzo winery.

The French firm has sought to dispose of non-core assets since acquiring Sweden's Vin & Sprit in 2008.