Access Beverage's acquisition of a 50% stake in Diamond Wodka has moved a step closer.

The California-based wine and spirit company confirmed today (17 February) that it has "finalised all remaining deal points" with Belgium-based Diamond Wodka over the transaction. Neither financial details nor an expected completion date were disclosed.

Under the terms of the agreement, originally announced last month, Access Beverage will secure joint ownership of Diamond's brands, worldwide trademarks, intellectual properties, import/distribution rights, and profits from operations.

The brands include Diamond Wodka, the third best selling vodka in Holland and Belgium, Diamond Red, and their North American super premium counterparts Simply Raw Vodka and Simply Cocktails.

"I believe that the terms we negotiated were very reasonable, considering we plan to acquire such a high quality, super premium positioned, and profitable vodka line that continues to experience substantial growth in the European marketplace," said company CEO, Jim Moeller.

"The acquisition of a 'super premium' vodka brand such as Diamond Wodka is significant, particularly considering that the super premium vodka category accounts for US$1.3bn per year in sales in the US alone.

"We are confident in our ability to gain market share in this sector, as the Access Beverage team has a successful track record in bringing new beverage lines to market."