Britain’s Diageo, the world’s largest producer of beverage alcohol, announced a swap deal with Jose Cuervo in which the company will sell its Bushmills whiskey brand to the tequila company for full control and ownership of the high-end Don Julio tequila brand.
In a statement on the transaction, representatives said Diageo will receive a net payment of $408 million and control of Jose Cuervo’s shares in Don Julio. Completion of the transaction is expected in early 2015.