Business

Diageo to buy Turkish spirits firm Mey Icki

Guinness pints
Image caption Diageo manufactures well-known brands such as Guinness

Drinks giant Diageo has announced it will buy Turkish spirits firm Mey Icki for £1.3bn ($2.1bn), in an attempt to expand its presence in emerging markets.

The acquisition is part of Diageo's strategy to tap into markets with a growing middle class.

It will buy Mey Icki from investment firms TPG Capital and Actera.

Mey Icki is Turkey's leading maker of raki, an aniseed-flavoured drink popular in the country.

"This investment represents the continuation of our strategy to increase Diageo's presence in those emerging markets, such as China and Vietnam, which have a rapidly growing middle class," said Diageo chief executive Paul Walsh.

Diageo is the world's largest spirits manufacturer.

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