Japanese company Suntory announced on Monday that it intends to buy Beam, the maker of Jim Beam and Maker’s Mark whiskies for around $16 billion.
“I am delighted that we can announce this agreement with Beam, a company with a portfolio of leading global brands, including Jim Beam and Maker’s Mark, and a strong global distribution network. I believe this combination will create a spirits business with a product portfolio unmatched throughout the world and allow us to achieve further global growth,” Suntory President and Chairman Nobutada Saji said.
The agreement made by both companies’ board of directors will be official in the second quarter of 2014.
The Beam business will continue to be led by its President and CEO Matt Shattock and the current Beam management team as well as continue to be headquartered in Deerfield, Illinois, according to the international press.
“This is a very exciting development that delivers substantial value for our stockholders and creates an even stronger global company with an excellent platform for future growth. Together we will be a global leader in distilled spirits with the #3 position in premium spirits and a dynamic portfolio across key categories,” Shattock stated.
After Beam will be bought, the combined company will make leading brands such as Beam’s Jim Beam, Maker’s Mark and Knob Creek bourbons, Teacher’s and Laphroaig Scotch whiskies, Canadian Club whisky, Courvoisier cognac, Sauza tequila, and Pinnacle vodka, as well as Suntory’s leading Japanese whiskies Yamazaki, Hakushu, Hibiki, and Kakubin, Bowmore Scotch whisky and Midori liqueur.