Diageo Buys $900 Million Shot of Ketel One

Diageo PLC has added to its stable of vodka brands after buying a 50 percent stake in Ketel One vodka for $900 million.

Diageo will partner with the Dutch Nolet family in a joint venture that gives the drinks giant the global rights to market and distribute Ketel One vodka. The deal comes as the Swedish vodka brand Absolut is on the auction block.

Diageo also controls the Smirnoff and Ciroc vodka bands.