UK drinks giant Diageo has agreed to sell Venezuelan rum brand Pampero to Italian food and spirits major Gruppo Montenegro.
The sum of the transaction was not revealed.
Pampero is the leading rum brand in the Italian market by volume, according to Diageo, and also has “a strong presence” across continental Europe.
In a statement, John Kennedy, Diageo Europe president, said the move would allow the company to focus on the “core areas of strength” in its portfolio, and that it “demonstrates our disciplined and strategic approach to capital allocation”.
Diageo told Just Drinks it…