Diageo is a beast in beverages, but one of the industry’s largest portfolios is about to get a little smaller. Diageo is working to sell off about a billion dollars in assets, including Myer’s rum, Goldschlager, Popov vodka, and Romana Sambuca according to Sky News.
The initial coverage stated that Centerview Partners, a consumer goods focused investment bank, is handling the deal. Diageo is reportedly looking to reap between $500m and 1b on the one time deal.
The company is shifting their focus to premium brands such as their Johnnie Walker, Smirnoff, and Tanqueray ranges.
The plan is part of a greater initiative launched by CEO Ivan Menezes after he took the reins in 2013. Previously, Menezes presided over the sale of Diageo’s Scottish gold resort Gleneagles as well as the company’s wine portfolio which sold to Australia’s Treasury Wine Estates for £360m.
Diageo declined to comment. “We regularly review our portfolio to ensure we are maximizing shareholder value,” said a spokesman for the company.