Diageo Targets Brazil With $453 Million Ypioca Acquisition

Diageo Plc, the maker of Smirnoff vodka and Johnnie Walker Scotch whisky, said it will pay 900 million reais ($453 million) in cash for Brazilian cachaca brand Ypioca as it expands in faster-growing emerging markets.

Diageo, the world’s biggest distiller, will buy the brand and some production assets from Ypioca Agroindustrial Limitada, the London-based company said today in a statement.