Diageo India solidifies control through acquisition of majority shares in NAO Spirits, as per moves by Touchstone Partners and AMP Legal.
In a significant move, Diageo India, the local subsidiary of the global alcoholic beverages company Diageo, has announced the acquisition of a majority controlling stake in NAO Spirits, an emerging Indian craft spirits company. The transaction, which was facilitated by legal advisors TouchstonePartners and AMPLegal, was executed through a secondary purchase from existing shareholders of NAO and a fresh subscription of shares by Diageo India.
NAO Spirits, known for its award-winning brands 'Greater Than' and 'Hapusa', is a promising player in the Indian spirits market. The acquisition is expected to strengthen Diageo India's portfolio and expand its presence in the burgeoning craft spirits sector.
Yashasvi Mohanram, a Partner at TouchstonePartners, led the transaction team for Diageo India. Vaishnavi Sankar, a Senior Associate, along with associates Achint Jain and Aayushi Jain, provided support for the Diageo India transaction team.
AMPLegal advised NAO Spirits and the selling shareholders on this transaction. The specifics of the deal remain undisclosed, but it is clear that this acquisition marks a significant step for both Diageo India and NAO Spirits.
The acquisition is a testament to Diageo India's commitment to investing in and supporting the growth of the Indian spirits industry. As the company continues to expand its presence and offerings, it is poised to make a significant impact on the Indian alcoholic beverages market.
With the addition of NAO Spirits to its portfolio, Diageo India is set to offer a broader range of products to consumers, catering to the growing demand for craft spirits in the country. The acquisition is expected to create exciting opportunities for both companies, as they work together to innovate and grow in the Indian spirits market.
Sources: [1] Diageo India Acquires Majority Stake in NAO Spirits. (n.d.). Retrieved April 18, 2023, from https://www.livemint.com/companies/news/diageo-india-acquires-majority-stake-in-nao-spirits-11681818380820.html [2] Diageo India Acquires Majority Stake in NAO Spirits. (n.d.). Retrieved April 18, 2023, from https://economictimes.indiatimes.com/news/company/corporate-trends/diageo-india-acquires-majority-stake-in-nao-spirits/articleshow/99425191.cms [3] Detailed Report on the Transaction. (n.d.). Retrieved April 18, 2023, from https://www.business-standard.com/article/companies/diageo-india-buys-majority-stake-in-nao-spirits-123032600122_1.html
This acquisition by Diageo India, a leading player in the global alcoholic beverages market, will significantly strengthen its business in the Indian spirits sector through the acquisition of a majority stake in craft spirits company NAO Spirits. The transaction, expected to create exciting opportunities for both companies, will boost Diageo's finance by expanding its portfolio and catering to the growing demand for craft spirits in the country.
