DIAGEO MAKES A SWAP

DRINKS COMPANY Diageo has agreed with Casa Cuervo to a trade of brands. Diageo will take full global ownership and control of Tequila Don Julio and the early termination of Casa Cuervo’s production and distribution deal for Smirnoff in Mexico. Diageo initially had 5O% of the Don Julio brand. In turn, Diageo has agreed to sell the Bushmills whiskey label. The transaction would result in a net payment of $4O8 million to Diageo upon closing, which is expected in early 2O15 subject to certain approvals.