1.17%XLF 21.34 3.79%FRE 5.28 11.16%
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NEW YORK - Diageo PLC, the world's largest alcoholic drinks producer, said Monday it completed forming a joint venture with The Nolet Group, owners of the Dutch vodka Ketel One.
| DEO | 73.78 |  1.19 |
London-based Diageo paid $900 million for a 50 percent equity stake in the company and has "perpetual exclusive global rights to sell, market and distribute" Ketel One vodka.
Diageo will fully consolidate the financial results of the new company, accounting for the Nolet holding as a minority interest.
Diageo said the deal, first announced in February, gives it an all-important "super premium" brand in the vodka market.
The Nolet family, distillers since 1691, will continue to own the brand rights for Ketel One and the Nolet distillery in Schiedam in the Netherlands.
Diageo shares rose 28 cents to $77.79, in afternoon trading.
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