Diageo, the world’s largest distiller and parent company of Guinness Nigeria Plc has sold off most of its wine businesses in the United States and UK to Treasury Wine Estates, an Australian company, in a deal worth US$552 million.
The transaction involves sale of Sterling Vineyards, Beaulieu and Acadia in the US and Blossom Hill, the second-biggest selling wine by value and volume in the UK.