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Fortune Brands Inc. has agreed to form a U.S. distribution joint venture with Sweden’s Vin & Sprit AB, teaming its Jim Beam Brands with Vin & Sprit’s Absolut vodka.
The distribution agreement is a major coup for Fortune Brands (FO), the Lincolnshire, Ill., consumer-products company whose Jim Beam unit wasn’t considered a major contender for Absolut.
Under the agreement, government-controlled Vin & Sprit will pay $270 million to acquire a 49% stake in the distribution operations, Fortune Brands LLC.
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