Diageo to buy Turkish distributor Mey Icki

British drinks maker Diageo says it will buy Turkish spirits and distribution company Mey Icki for £1.3 billion (US$2.11 billion).

Diageo, the world's largest spirits maker and parent company to Red Stripe Jamaica, said Monday that access to Mey Icki's strong distribution network will transform its position in Turkey's fast-growing market.

Chief Executive Paul Walsh says the investment demonstrates Diageo's strategy to increase its presence in emerging markets with rapidly growing middle classes.

Mey Icki, which reported full-year sales of £300 million for 2010, is owned by United States investment firm TPG Capital and Actera.

The deal is subject to regulatory approval and is expected to complete in the second half of 2011.

- AP