New York – August 28, 2008 – LAWFUEL – Law Firm Announcements – Debevoise & Plimpton LLP is advising Pernod Ricard in its agreement to sell the Cruzan rum brand and related assets to Fortune Brands for an amount of US $100 million (€68 million). Pernod Ricard also signed an agreement with Fortune Brands for an early termination of the distribution by Future Brands, a joint venture company between Vin & Sprit and Fortune Brands, of Vin & Sprit brands in the US, and in particular Absolut, effective October 1st 2008. As part of this agreement, Pernod Ricard is paying to Fortune Brands a compensation of US $230 million (€156 million).
Pernod Ricard is the world’s co-leader in wines and spirits with sales of €6,589 million in 2007/08, holding one of the most prestigious brand portfolios in the sector. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
The Debevoise team in New York is led by partner Paul S. Bird and includes partners Gary M. Friedman and Gary W. Kubek, counsel Kyra K. Bromley and Rafael Kariyev, and associates Joshua E. Gewolb, Oliver A. Olah, and Daniel Z. Sinrod.