Diageo Swaps Ciroc North America Equity With Lobos 1707 in JV Deal

Dear Client: Diageo announced this morning that it has entered a strategic joint venture with investment and advisory firm Main Street Advisors, which backs the Lobos 1707 tequila brand. The JV exchanges majority ownership of Diageo's Ciroc vodka brand in North America for majority ownership interest in the Lobos 1707 tequila brand worldwide. Financial details of the deal were not disclosed. The JV will now oversee both the Ciroc brand in North America and the Lobos 1707 brand worldwide. Ciroc's