Diageo has terminated the sale of its Windsor whisky business to Bayside/Metis - South Korea's private equity consortium due to a failure to meet some conditions for the deal agreed in March.
In March, Diageo had agreed to sell its premium blended scotch whisky brand - Windsor to Bayside/Metis for KRW 200 billion (approx. £124 million). The sale was meant to finalize by the end of the 2023 fiscal year. However, this sale will not be going through anymore. Windsor will stay under the ownership of Diageo's company's international spirits and beer business in South Korea.
Diageo's shares went up approximately 1% on Tuesday afternoon (Tuesday, September 27th, 2002).
A bit about Windsor blended whisky
Launched in 1996, the Windsor blend consists of an entry level 12 year old, followed by a 17 year old and 21 year old expression. The range is rounded out with a Reserve and XR editions. The Windsor blend is marketed as a deluxe scotch and the bottle promotes this with its prominent gold top. The Windsor blend is primarily targeting rich whisky-drinkers in Asia of which the largest market is in Korea. Diageo also owns Johnnie Walker, Guinness, and Smirnoff among many many other drink brands.
