Bacardi Nears a Deal to Buy Ilegal Mezcal

Bacardi Ltd., the spirits maker best known for its rum, is nearing a deal to acquire Ilegal Mezcal after private equity firm L Catterton held talks to buy the company, according to people with knowledge of the matter.

A deal would value Ilegal Mezcal at less than $200 million, the people said, asking not to be identify discussing private information.