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Diageo, the world's biggest producer of alcoholic drinks, said Tuesday that it has won approval to take control of its Chinese joint-venture Sichuan Chengdu Shuijingfang Group Company, or SJF Holdco.
The London-listed group, maker of Johnnie Walker whiskey and Smirnoff vodka, said in a statement that it will purchase the remaining 47-percent stake in SJF Holdco, owned by its Chinese partners, for £233 million ($358 million, 271 million euros).
"This is a milestone in the journey we began with our partners six years ago," said Gilbert Ghostine, President of Diageo Asia Pacific, in the statement.
On completion of the deal, Diageo's indirect interest in distiller Sichuan Shuijingfang will also rise to 39.71 percent from 21.05 percent.