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Diageo receives regulatory approval for Ketel One deal

Published:  23 July, 2008

Global drinks giant Diageo is to form a 50/50 Company with Nolet for Ketel One Vodka following regulatory approval.

The company announced it has received regulatory approval from the US Federal Trade Commission in respect of the agreement with the Nolet family over its 50% equity interest in a newly formed company which will own the perpetual global rights to sell, market and distribute Ketel One super premium vodka.

The deal was initially announced on 5 February 2008.

The transaction is expected to close on June 9 2008. Diageo will pay $900 million for its equity stake.