Coca-Cola HBC to buy Finlandia owner for $220m

Coca-Cola HBC said on Monday that it has agreed to buy Brown-Forman Finland, owner of the Finlandia vodka brand, for $220m.

The business is being bought from Brown-Forman Corporation's wholly-owned subsidiary, Brown-Forman Netherlands BV.

Established in 1970, Finlandia is a leading vodka brand in Central and Eastern Europe with annual volumes of 2.7 million 9L cases globally, of which more than 60% is being generated within Coca-Cola HBC's geographic footprint.

Coca-Cola HBC chief executive Zoran Bogdanovic said: "Having been associated with the distribution of Finlandia for 17 years in several markets, we are excited by this unique and regionally relevant opportunity that will support the acceleration of our on-premise business across more of our markets.

"The proven complementarity of our premium spirits business with our strong NARTD (Non-Alcoholic Ready-To-Drink) portfolio enables us to offer solutions for a broad range of 24/7 consumption occasions, particularly socialising moments."