By Joshua Kirby


Pernod Ricard SA said late Monday that it has agreed to buy Codigo 1530 Tequila, the latest in a string of deals that boost the French distiller's presence in the North American market.

The company will pay an undisclosed sum to acquire a majority stake in Codigo, which is available across the U.S. and is beginning to develop internationally, Pernod Ricard said. Mexico-produced Codigo offers a range of ultrapremium and prestige tequilas, the French company said.

The Codigo deal will complement Pernod Ricard's broad portfolio of drinks products, while the group's experience in the distribution of premium brands will help the tequila maker reach new drinkers, the company said.

The deal comes on the heels of two similar moves last week, when the maker of Absolut vodka and Martell cognac said that it would take a minority stake in sotol brand Nocheluna--which is set to be launched across the U.S. in the coming months--and that it would raise its stake in U.S. group Sovereign Brands.


Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby


(END) Dow Jones Newswires

10-18-22 0150ET