Diageo, the drinks group, has announced it has reached an agreement to buy Ursus Vodka Holding, the owner of Ursus vodka and Ursus Roter brands.

The cash investment for the acquisition will be around E145m and the agreement is conditional on anti-trust clearance in Greece, the largest volume market for the two brands.

Andrew Morgan, president of Diageo Europe, said: “The acquisition of Ursus vodka and Ursus Roter adds in excess of 400k cases to our business in Europe and we expect it to enhance the growth profile of Diageo’s business in Greece.”