Drinks giants Pernod Ricard and Diageo have signed an agreement that marks the end of a year long working relationship to restructure the Seagram spirits and wines business.

The new agreement completes the disposal of all brands originally identified for onward sale, and the integration of agreed brands into Pernod Ricard and Diageo.

As part of last year’s joint acquisition of Seagram’s drinks business, Pernod picked up Chivas Regal and The Glenlivet whisky, Martell cognac, Seagram’s gin, Montilla rum and Olmeca tequila.

Pernod ceo Patrick Ricard said the deal had propelled Pernod to second place in spirits in Asia and Central and South America, as well as reinforcing its leading positions in continental Europe and Ireland.

“The integration of the Seagram teams and brands has been particularly rapid and smooth.This acquisition has enabled us to become one of the leading players globally.”

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