United Spirits has sold its Whyte and Mackay Scotch whisky brand to a Philippines drinks manufacturer for £430m.
Emperador, known for its brandy of the same name, has sealed a deal for the brand after it was put up for sale by United Spirits in February to increase its presence in the Scotch whisky market.
The decision was influenced as a result of an investigation by the British Office of Fair Trading, which raised concerns over competition after industry giant Diageo bought a controlling stake in United Spirits last year.
Dr Vijay Mallya, chairman of United Spirits, said: “I am very proud of what Whyte & Mackay has achieved under USL ownership.
“Moreover, I am delighted to be able to pass on Whyte & Mackay into the hands of a new owner who is committed to realising the full potential of the business and whose vision for Whyte & Mackay is aligned with that of USL.”
His counterpart, Andrew Tan, chairman of Emperador, said whisky being the second fasted growing spirits segment in the world next to brandy made Whyte and Mackay an attractive investment.
“With this acquisition Emperador will be exposed to two of the fastest growing spirits segments in the world. The global demand for Scotch whisky has shown strong growth over recent years and is expected to continue this momentum going forward,” he said.
Mr Tan, whose company has seen its brandy label triple in growth since 2010, added: “We believe that Whyte & Mackay is a prized asset with excellent growth opportunity and its acquisition is in line with our plans to enhance our product portfolio.”
