Bacardi buying Patron

Bacardi agreed to purchase the maker of Patron in a deal valued at $5.1 billion.

With its purchase of Patron Spirits Co., Bacardi would become the largest U.S. player in the super-premium market. It would be the second-largest U.S. spirits company in market value.

"Adding Patron to the Bacardi portfolio creates a tremendous opportunity for the brand outside of the United States as Bacardi's international distribution network will help grow Patron around the world, increasing scale in the U.S. and globally," said Mahesh Madhavan, CEO of Bacardi.

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