Diageo to acquire Don Papa Rum

Diageo is to acquire Don Papa Rum, a dark rum from the Philippines, which has presence in 30 countries. The expected price for the acquisition is up to 473.4 million USD. The acquisition will be funded through existing cash reserves and in the first half of 2023 the acquisition is expected to be completed.

The said rum, whose largest markets are France, Germany and Italy, according to Diageo belongs to the super-premium plus segment in the rum category.