Diageo to Buy Premium Rum Brand Don Papa

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Diageo to Buy Premium Rum Brand Don Papa
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Liquor giant Diageo agreed to buy Don Papa Rum in a deal worth up to about $473 million in a bid to move further upmarket

Diageo PLC has agreed to buy Don Papa Rum, a high-end dark rum from the Philippines, in a deal worth up to about $473 million, as the liquor giant bids to move further upmarket.

The owner of Johnnie Walker whisky and Tanqueray gin will pay 260 million euros, equivalent to $281 million, upfront for Don Papa, with a further potential consideration of up to €177.5 million through to 2028 subject to performance.

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