Philippines based Alliance Global Group Inc to buy the spirit business.
Emperador Inc, a part of Alliance Global Group Inc, one of the largest conglomerates in the Philippines with interests in food and beverages, quick service restaurants, real estate and gaming has planned to buy Whyte & Mackay spirits business of Diageo-controlled United Spirits Ltd (USL).
The company which is the maker of brandy will gain a global portfolio of scotch whiskey, malt and grain distilleries and brands planning to take the company beyond its home market.
According to the sources, United Spirits' top management is expected to meet in London on Friday to finalise the terms. The transaction is likely to value the Scottish distiller at close to $700 million, or approximately 400 million. However, it is still not clear if Whyte & Mackay will be sold in its entirety or whether two out of its four malt distilleries will be retained.