Diageo on Tuesday announced its decisions to terminate the ‘conditional agreement’ to sell the Windsor business, including the W series, to the Bayside Private Equity and Metis Private Equity consortium, a South Korean-based private equity group.
The spirits giant said the termination is a result of Bayside/Metis being ‘unable to meet certain conditions’ for completion which formed part of the sales agreement announced on 25 March. It did not elaborate on the conditions.
As part of the deal, valued at KRW 200 billion (approximately £124 million), Diageo was supposed to supply Scotch whisky to Bayside/Metis under a 10-year supply agreement following the sale.
The British multinational said it will continue to operate the Windsor business under an independent entity to its Diageo Korea international spirits and beer business.
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