French drinks giant Pernod Ricard is claiming its £4.4bn purchase of Swedish drinks monopoly Vin & Sprit, announced today, will make it the joint leading wine and spirit company in the world with Diageo with a 27% market share.
The deal means Pernod Ricard has acquired Absolut, the premium vodka brand with worldwide sales of 11 million cases. The brand is the top premium spirit in the US market.
The acquisition also involves Cruzan rum and Level super-premium vodka.
Pernod Ricard announced the purchase of Vin & Sprit will mean the end of its agreement to distribute Stolichnaya Russian vodka once brand owner SPI appoints a new distributor.
Outside of the US and Scandinavia, the Vin & Sprit brands are distributed by Maxxium, a venture involving Vin & Sprit, Fortune Brands, The Edrington Group and Remy Martin.
Pernod Ricard expects to leave Maxxium within the next two years.
