Vivendi Universal has entered into an agreement for the sale of Seagram's spirits and wine business to Diageo and Pernod Ricard for $8,150 billion, subject to regulatory approvals. Net proceeds after taxes are expected to be approximately $7,7 billion. This is $1,3 billion over and above the objective Vivendi Universal had set to wipe out Seagram's net debt of $6.4 billion (as of September 30, 2000), excluding ACES (Adjustable Conversion-rate Equity Security units) of which the dilutive impact had already been taken into account.