French spirit distributor Pernod Ricard just announced the sale of Cognac brand Renault, together with a certain amount of shares. The brand is sold to Scandinavian group Altia, for a purchase price of €10 million.
The deal between one of the biggest spirit companies of the world and Altia was signed today in Paris, on October 14th, 2010.
Altia is a production and distribution company that markets spirits and beverages such as Blossa, cognac brand Grönstedts, Koskenkorva, Jaloviina, Maximus, O.P. Anderson, Explorer, Skåne Akvavit and Chill Out. Altia makes a yearly revenue of 500 million €.
And that’s not all: the deal includes a distribution joint-venture between the Pernod Ricard Finland and Altia.
The Swedish and Norwegian administration still needs to authorize the takeover.