Diageo Buys Majority Stake in India’s United Spirits Ltd for $2.1 Billion

Guinness parent company Diageo agreed to purchase a majority stake in United Spirits Ltd (USL) for $2.1 Billion today.  Details from Reuters:

(Reuters) - Diageo Plc (DGE.L) has agreed to buy a majority stake in United Spirits Ltd, controlled by Indian businessman Vijay Mallya, for $2.1 billion, fuelling a push by the world's biggest spirits group into fast-growing markets.

Diageo, which first tried to buy United Spirits (UNSP.NS) in 2008, said on Friday it would end up with 53.4 percent of India's largest spirits company in a two-part deal.

"This (India) will become Diageo's number two market after the United States and if you look at the projections on what's happening with the emerging middle class...it has the potential in the long term to become our largest market," said Diageo Chief Operating Officer Ivan Menezes.
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