Philippines' Emperador to buy Whyte & Mackay.

Diageo-owned United Spirits Ltd. (USL) will sell its Whyte & Mackay spirit business to the Philippines-based Emperador Inc for £430 million (around Rs. 4,340 crore).

UK's Diageo was forced to sell the Scotland-based Whyte & Mackay following concerns expressed by the British competition authority, the Office of Fair Trading.

The regulator said Diageo, along with Whyte & Mackay, could manipulate whisky prices in the UK as both of them have a significant market share in the country. USL bought Whyte & Mackay for £595 million in 2007.

According to the agreement, Emperador will supply scotch whisky to USL for three years. The sale is subject to USL shareholder approval as well as Indian and UK regulatory requirements. 'I am very proud of what Whyte & Mackay had achieved under USL ownership. Moreover, I am delighted to be able to pass on Whyte & Mackay into the hands of a new owner who is committed to realising the full potential of the business and whose vision for Whyte & Mackay is aligned with that of USL,' United Spirits Chairman Vijay Mallya said in a statement.


HBL