San Francisco (CNN Business) Alcohol giant Diageo is buying a fast-growing gin brand co-owned by Ryan Reynolds in a deal worth up to $610 million. Diageo DEO The company, called Aviation American Gin, is the latest celebrity-backed alcohol brand to be snapped up by, the world's largest spirits company. The deal comes at a time when restaurant and bar closures are hurting the sales of Diageo and other big alcohol companies. Diageo's existing gin brands -- which include Tanqueray, Gordon's and Gilbey's -- account for 5% of the company's global net sales and declined by 4% during the year. Diageo, citing data from alcohol sales-tracking company IWSR, said Aviation American Gin was one of the fastest-growing brands in the super-premium gin category, noting its sales volume doubled in 2019.

Source: CNN August 17, 2020 17:37 UTC