Diageo to buy stake in Vietnamese distiller
Diageo is to buy a 23.6% stake in Hanoi Liqour, the Vietnamese branded spirits producer.
The UK-based drinks giant will pay £33 million to buy the stake from Vina Capital Vietnam Opportunity Fund.
Hanoi Liqour - better known as Halico - is Vietnam's largest branded spirits company and has Hanoi vodka as its main brand.
Diageo Vietnam will continue to handle the main Diageo portfolio in the country, including Johnnie Walker, Smirnoff and Baileys.
The UK firm described itself as a "long-term equity investor" in Halico and said it would assist its new partner in innovation, branding, supply, distribution and corporate relations.
"Partnerships are integral to the way we want to grow our business in this region," said Gilbert Ghostine, president of Diageo Asia Pacific.
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