Pernod Ricard completes Absolut acquisition
Pernod Ricard (P-R) has completed its £4.4bn acquisition of Vin + Sprit, owner of Absolut vodka.
The French spirits giant has added the Absolut business, formerly owned by the Swedish government, to a global portfolio of brands including Martell, Jameson, Havana Club and Malibu.
Announcing completion of the deal alongside results for the year to the end of June, P-R reported strong global sales growth, but confirmed that the UK market is currently tough.
Total sales for the year were up 2.3 per cent, to €6.5m. Organic growth, taking into account the impact of exchange rates and disposals, was a strong 8.7 per cent, while growth of the company's 15 most strategic brands was up 11 per cent in value and five per cent in volume.
Globally, strongest growth came in the developing markets of China and India. P-R said that its UK business saw growth across the year as a whole, but had a "tougher fourth quarter" in the three months to the end of June.
As a result of the Absolut deal, P-R will sell its Serkova vodka brands, a well as as number of smaller Vin + Sprit brands including Grönstedts Cognac, and Lubuski Gin.
