The deal is inclusive of the Santa Vittoria production facility in Northern Italy and includes continuity of employment at the site.
Diageo has stated that the decision aligns with the company’s “ongoing commitment to optimising its global production network to better serve its markets”.
The agreement for NewPrinces to acquire the Santa Vittoria production facility was initially announced in May, with a spokesperson for Italy’s Ministry of Enterprises and Made in Italy (Mimit) confirming at the time that the deal included the protection of all 349 workers employed at the facility.
The sale is one of a number of recent divestments made by the group. In January, Diageo sold its majority shares in Guinness Ghana to Castel Group, and in March it backed out of its Distill Ventures accelerator program.
Also in January, Diageo closed the Chase Distillery in the west of England, moving production of its gin and vodka to Scotland.
In February, the group’s Indian arm United Spirits announced the closure of its manufacturing plant in Hyderabad.
Completion of the transaction is expected later this year, subject to regulatory approval.
