Diageo Said Close to Buying Jose Cuervo for $3 Billion

U.K. drink maker Diageo PLC (DGE.LN) is close to a deal to buy the Jose Cuervo tequila business from Mexico's Beckmann family for about $3 billion, the Sunday Times reports.

Diageo Chief Executive Paul Walsh could announce the acquisition alongside annual results on Thursday, the report said without citing sources, though it also said talks could last a few more weeks.

The report said the $3 billion is likely to be paid, at least in part, in shares.

The Beckmanns are being advised on the deal by Barclays Capital, while Diageo is being advised by HSBC and Goldman Sachs, the report said. READ MORE

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