Global spirits giant Diageo (NYSE:DEO) has entered advanced talks with Mexico’s Beckmann family over plans to purchase popular tequila franchise Jose Cuervo for about $3 billion.
Diageo, which already handles Jose Cuervo’s international distribution, could announce the purchase Thursday when it is scheduled to report quarterly earnings. However, according to The Telegraph, some expect talks to extend well into September.
Diageo, whose products include Johnnie Walker scotch, Captain Morgan rum and Tanqueray gin, also is in talks about purchasing a major share of Indian alcohol manufacturer United Spirits, according to The Telegraph.
DEO shares were trading mostly flat Monday, but have gained more than 20% year-to-date.
– Ryan Hauck, InvestorPlace