Diageo to acquire Don Papa Rum for EUR260M plus further potential consideration

Diageo announced it has reached an agreement to acquire Don Papa Rum, a super-premium, dark rum from the Philippines. The upfront consideration is EUR 260 million with a further potential consideration of up to EUR 177.5 million through to 2028 subject to performance. Launched in 2012 by entrepreneur Stephen Carroll, together with Andrew John Garcia, Don Papa Rum is currently available in 30 countries, with France, Germany and Italy being its largest markets. John Kennedy, President, Diageo Europe and India, commented: "We are excited by the opportunity to bring Don Papa into the Diageo portfolio to complement our existing rums. This acquisition is in line with our strategy to acquire high growth brands with attractive margins that support premiumisation, and enables us to participate in the fast growing super-premium plus segment." Reference Link