By Andy Young
Diageo has sold its Argentinian wine interests to Grupo Peñaflor, following on from the sale of its US and UK wine business to Treasury Wine Estates last month.
The cost of the sale remains undisclosed, but in a statement Diageo said that the transaction "will result in an exceptional loss before taxation of approximately £60 million upon completion". The deal is expected to be completed in early 2016.
The statement added: "The sale includes the Navarro Correas and San Telmo wine brands, together with production sites and vineyards. In the year ended 30 June 2015 net sales were £18.5 millon."
Peñaflor has also been appointed as Diageo's distributor in Argentina, which Diageo said will strengthen its route to market and "is expected to accelerate Diageo's performance in Argentina".
The sale comes just a month after Treasury Wine Estates agreed to buy Diageo's US and UK wine business; TheShout reported last week that the deal has won US anti-trust regulatory approval.