Diageo Completes Acquisition of Mey Icki
August 24
11:33
2011
Having received the necessary regulatory clearances, Diageo has completed its £1.3 billion acquisition of Mey Icki, the leading spirits company inTurkey. In the financial year ended 31 December 2010 Mey Icki had net sales of £300 million and EBIT of £120 million. It is the clear market leader in Raki, the biggest spirits category in Turkey, and has a leading position in vodka. In addition the company has an extensive nationwide sales and distribution network.
The Turkish Competition Authority clearance is conditional upon the subsequent disposal of the Mey Icki brands Hare liqueur and Maestro gin. Diageo expects to complete these disposals within its current financial year.
