Pernod Ricard and Diageo have successfully completed the sale of their Sandeman Port and Sherry business, which hey acquired when they bought Seagram's drinks business last year.

The Portuguese Sogrape Group has bought the business, which completes the disposal programme of the main Seagram venture assets that were not to be retained by Pernod Ricard and Diageo.

The agreement with Sogrape grants Pernod Ricard worldwide distribution rights to the Sandeman Port and Sherry brands.