Diageo has agreed to pay up to $610m to acquire Aviation American Gin, which is partly owned and pitched by actor Ryan Reynolds, and other brands in its latest bet on a celebrity-backed premium liquor.
The world’s largest liquor maker said it would make an initial payment of $335m and a further potential consideration of up to $275m based on performance over 10 years. The deal is expected to close by the end of the year.
