Skip to content
Subscriber Only
Business
Pursuits

Treasury Wine Buys Diageo Wine Assets for $600 Million

An employee boxes bottles of single malt scotch whisky at the Diageo International Supply Center in Singapore.

An employee boxes bottles of single malt scotch whisky at the Diageo International Supply Center in Singapore.

Photographer: Nicky Loh/Bloomberg
Updated on

Treasury Wine Estates Ltd., the maker of Penfolds Grange, agreed to buy most of Diageo Plc’s U.S. and U.K. wine assets for $600 million as it seeks to add high-end labels in some of the world’s biggest markets.

The acquisition will be funded with new debt and a rights offering to raise about A$486 million ($350 million), the Melbourne-based company said in a statement Wednesday.