<p>Vijay Mallya-led United Spirits Ltd (USL) said on Friday that it will sell its UK subsidiary Whyte & Mackay for £430 million pounds (Rs 4,342 crore) to Philippines-based beverages manufacturer Emperador subject to necessary Indian and UK regulatory and shareholder approvals. <br /><br /></p>.<p>The sale is being carried out in a bid to write off a significant portion of the loans recoverable by USL from its overseas subsidiary. The United Spirits board had at its meeting on Friday recommended that its indirectly owned subsidiary United Spirits (Great Britain) Ltd consider the sale of Whyte & Mackay Group to Emperador UK Ltd, a unit of Emperador Inc, for an enterprise value of £430 million, the company said in a BSE filing.<br /><br />It said that the terms and conditions of the sale were set out in a share sale and purchase agreement between United Spirits (Great Britain) Ltd, Emperador UK Ltd and Emerador Inc and an associated tax deed. "United Spirits (Great Britain) has approved the sale and entered into the sale and purchase agreement with Emperador UK and Emperador Inc," USL said in the statement to BSE.<br /><br />Last year, United Spirits had mandated Rothschild, Rabo Bank and Standard Chartered to manage the sale process.<br /><br />"I am delighted to be able to pass on Whyte and Mackay into the hands of a new owner who is committed to realising the full potential of the business and whose vision for Whyte and Mackay is aligned with that of USL," United Spirits Chairman Mallya said in a statement.<br /><br />Emperador is an integrated manufacturer and distributor of brandy and other alcoholic beverages. "Whyte and Mackay is a prized asset with excellent growth opportunity and it's acquisition is in line with our plans to enhance our product portfolio," Andrew Tan, Chairman of Emperador said.<br /><br />Whyte & Mackay has a distribution network in over 50 countries that Emperador Brandy will have access to, he added. United Spirits acquired Whyte & Mackay in 2007 for about £595 million. A distiller of Scotch whisky, Whyte & Mackay's brands include The Dalmore, Isle of Jura, Glayva, Fettercairn, Vladivar vodka and Whyte & Mackay blended Scotch.</p>
<p>Vijay Mallya-led United Spirits Ltd (USL) said on Friday that it will sell its UK subsidiary Whyte & Mackay for £430 million pounds (Rs 4,342 crore) to Philippines-based beverages manufacturer Emperador subject to necessary Indian and UK regulatory and shareholder approvals. <br /><br /></p>.<p>The sale is being carried out in a bid to write off a significant portion of the loans recoverable by USL from its overseas subsidiary. The United Spirits board had at its meeting on Friday recommended that its indirectly owned subsidiary United Spirits (Great Britain) Ltd consider the sale of Whyte & Mackay Group to Emperador UK Ltd, a unit of Emperador Inc, for an enterprise value of £430 million, the company said in a BSE filing.<br /><br />It said that the terms and conditions of the sale were set out in a share sale and purchase agreement between United Spirits (Great Britain) Ltd, Emperador UK Ltd and Emerador Inc and an associated tax deed. "United Spirits (Great Britain) has approved the sale and entered into the sale and purchase agreement with Emperador UK and Emperador Inc," USL said in the statement to BSE.<br /><br />Last year, United Spirits had mandated Rothschild, Rabo Bank and Standard Chartered to manage the sale process.<br /><br />"I am delighted to be able to pass on Whyte and Mackay into the hands of a new owner who is committed to realising the full potential of the business and whose vision for Whyte and Mackay is aligned with that of USL," United Spirits Chairman Mallya said in a statement.<br /><br />Emperador is an integrated manufacturer and distributor of brandy and other alcoholic beverages. "Whyte and Mackay is a prized asset with excellent growth opportunity and it's acquisition is in line with our plans to enhance our product portfolio," Andrew Tan, Chairman of Emperador said.<br /><br />Whyte & Mackay has a distribution network in over 50 countries that Emperador Brandy will have access to, he added. United Spirits acquired Whyte & Mackay in 2007 for about £595 million. A distiller of Scotch whisky, Whyte & Mackay's brands include The Dalmore, Isle of Jura, Glayva, Fettercairn, Vladivar vodka and Whyte & Mackay blended Scotch.</p>
