Diageo PLC has agreed to pay as much as $610 million to acquire Aviation American Gin, which is partly owned and pitched by actor Ryan Reynolds, and other brands in its latest bet on a celebrity-backed premium liquor. The world’s largest liquor maker said it would make an initial payment of $335 million and a further potential consideration of as much as $275 million based on performance over 10 years. The deal is expected to close by the end of the year.

Source: Wall Street Journal August 17, 2020 14:16 UTC