‘UB Group, Diageo closing in on USL deal’
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Vijay Mallya-led UB Group is understood to have reached a deal with world's largest spirit maker Diageo for a stake sale in United Spirits (USL).
According to sources, the deal will be announced tomorrow. However, the exact details such as the quantum of stake and valuation could not be ascertained.
When contacted, an UB Group spokesperson declined to comment. According to different reports, the deal could entail Diageo picking up to 51 per cent stake in USL which could be valued between $1 billion and $2 billion.
In September this year, United Spirits had confirmed that it was in talks with UK-based Diageo Plc for a stake sale.
"United Spirits and Diageo Plc confirm that the UK-based company is in discussion with it and United Breweries Holdings in respect of possible transactions to acquire an interest in the liquor firm," United Spirits had said in a filing to BSE.