Diageo is set to acquire Turkish spirits company, Mey Içki Sanayi ve Ticaret, for between $2 billion and $2.5 billion, The Wall Street Journal reports. Mey Içki’s owner, U.S. private equity firm TPG Capital, was mulling on carrying out an initial public offering for the business. The deal will provide the U.K. alcohol giant access to Mey Içki’s nearly 50,000 retail outlets in the country and an almost 80% share of the Turkish market for national alcoholic beverage, raki. UBS is advising Diageo on the deal.
Click here for the story from The Wall Street Journal.