Pernod Ricard gains control of HiteJinro
Pernod Ricard has agreed to acquire HiteJinro’s 30% stake in Pernod Ricard Korea Imperial for €48m cash.
The buyout will give Pernod Ricard, which currently owns 70% of Imperial, a 100% stake in the business, which owns several leading spirits brands in South Korea.
Rumours surrounding the takeover have been rife since May, with the French drinks giant keen to target Asia as a key area of growth.
Pierre Coppere, chairman and chief executive of Pernod Ricard Asia, said: “The acquisition is in line with Pernod Ricard’s business model to have full ownership, where relevant, of our brands and distribution networks. We are pleased to have come to an agreement with HiteJinro on the purchase of their minority stake in Imperial.”
Jean-Manuel Spriet, chairman and chief executive of Pernod Ricard Korea added: “This acquisition demonstrates our continued commitment in the Imperial brand and our confidence in the ability to seize opportunities in the Korean whisky market.”
The acquisition is expected to complete by 15 June.