Diageo To Become Sole Shareholder In SJF Holdco - Quick Facts

(RTTNews) - Drinks giant Diageo Plc (DEO, DGE.L) said it has received approval from the Chinese authorities to acquire the rest of 47% stake in Sichuan Chengdu Shuijingfang Group Company Ltd. or SJF Holdco, owned by its Chinese partners. Therefore, SJF HoldCo would be converted from a joint venture into a wholly foreign-owned enterprise owned by Diageo.

Following completion, Diageo's indirect stake in the Shanghai-listed company, Sichuan Shuijingfang Co., Ltd., would rise from 21.05% to 39.71%. The consideration for the 47% of SJF Holdco would total nearly 233 million pounds.

Vermilion Partners acted as transaction adviser to Diageo. Haiwen acted as legal adviser to Diageo on the transaction. HSBC acted as partner bank for FX and Settlement.