After months of negotiations, Diageo, the world's biggest spirits company, has reached a deal with India's United Spirits.
The two companies will announce an agreement after stock markets close in India on Friday, said one person briefed on the negotiations. Britain's Diageo will buy 25 percent of United Spirits, and then make an open offer for another 26 percent of the company to gain a majority stake, per Indian market regulations, this person said.
The entire deal will be worth $1.8 billion, the Wall Street Journal reported. This figure could not be immediately confirmed. Shares of United Spirits rose more than 6 percent in early trading in India Friday, anticipating the announcement.
