Andrew L. Tan’s Emperador Inc just bought Spain’s largest and oldest brandy, Fundador Pedro Domecq, at 275 million euros or about PHP13.8 billion.
What’s more: It was an “all cash deal”, writes Tina Arceo-Dumlao on The Philippine Daily Inquirer.
The deal was closed on Saturday in Madrid, Spain, and was sealed with a “ceremonial signing of barrels”.
According to the report, Tan wrote “A New Era Begins”. Empoy president and CEO Winson Co went for the company’s slogan and wrote: “Sa Totoong Tagumpay.”
“I haven’t really slept for weeks thinking about this. And now I’m very happy that I made this important decision of buying this largest and oldest brandy in Spain that has also been a very iconic brand to Filipinos for more than a century,” Tan said in a statement.
“Aside from Fundador Pedro Domecq, the acquisition includes Terry Centenario, Spain’s top-selling brandy; Tres Cepas, Equatorial Guinea’s leading brandy; and Harvey’s the United Kingdom’s top sherry wine,” the report continues.
Fundador is sold in more than 30 countries, with the Philippines as its biggest export market.
Photo: Philippine Daily Inquirer
