Diageo has sold its Windsor Global whisky business to a South Korean private-equity firm.
The UK spirits giant has agreed a deal with PT W Co., a Korean company sponsored by South Korean investment firm Pine Tree Investment & Management Co.
PT W Co. has acquired 100% of the Windsor Global shares from Diageo. Financial details were not disclosed.
In Korea, Diageo operates under the entities Diageo Korea and Windsor Global.
John O’Keeffe, president of Asia Pacific, global travel and India for Diageo, said: “This transaction reflects Diageo’s disciplined approach to capital allocation and further highlights our continued track-record of active portfolio management. We remain fully committed to Korea and our international spirits and beer business.
“Our position in the market remains strong as premiumisation trends persist and consumer interest in categories like international whisky continues to grow.”
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Last month, a Korean publication wrote Hitejinro was eyeing a move for Diageo’s whisky business.
Last year, Diageo’s attempted sale of Windsor Global to the Bayside Private Equity and Metis Private Equity consortium unit collapsed.
After announcing in March 2022 it would offload Windsor Global to the consortium for Won200bn ($147.6m), the deal was cancelled in September.
As well as Windsor blended Scotch – which is led by the 12- and 17-year-old whiskies – Bayside and Metis were set to take over the ‘W Series’ of brands that includes W Signature whisky and 35%-abv variants W Ice and W Rare.