Diageo Unit to Sell Royal Challengers Sports Stake for $1.78 Billion; Shares Up Pre-Bell

MT Newswires Live

2 hours ago

Diageo (DEO) unit United Spirits said Wednesday it has agreed to sell its entire equity stake in Royal Challengers Sports to a consortium including Blackstone's (BX) BXPE perpetual private equity strategy for 166.6 billion Indian rupees ($1.78 billion).

Other consortium members include Aditya Birla Group, the Times of India Group, and Bolt Ventures.

Royal Challengers Sports owns and operates the Royal Challengers Bengaluru cricket franchises that participate in the Indian Premier League and Women's Premier League.

Upon the deal's completion, the buying consortium will acquire the rights to own and operate the IPL and the WPL franchises, Diageo said.

Blackstone didn't immediately respond to MT Newswires' request for comment.

Diageo shares were up 2.4% in premarket activity, while Blackstone rose 1.8%.

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