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Pernod Ricard confirms HiteJinro acquisition
Pernod Ricard has announced the signing today of an agreement to acquire HiteJinro’s 30% stake in Pernod Ricard Korea Imperial for a total price of €48 million, to be paid in cash.
The French drinks giant currently owns 70% of Imperial and the buyout will give Pernod Ricard 100% ownership of the company, owner of the leading local whiskies in the important South Korean market.
As reported by the drinks business Pernod Ricard were in talks with Korean company at the end of May and have now confirmed the buyout as Asia has proved a key area of growth for Pernod Ricard.
Commenting on the acquisition, Pierre Coppéré, chairman and CEO of Pernod Ricard Asia, said, “The acquisition is in line with Pernod Ricard’s business model to have full ownership, where relevant, of our brands and distribution networks. We are pleased to have come to an agreement with HiteJinro on the purchase of their minority stake in Imperial.”
According to Jean-Manuel Spriet, chairman and CEO of Pernod Ricard Korea, “This acquisition demonstrates our continued commitment in the Imperial brand and our confidence in the ability to seize opportunities in the Korean whisky market.”
The transaction is expected to close before 15 June.