Diageo has announced that it’s to buy Mey Içki, the leading spirits company in Turkey, for £1.3 billion (€1.5bn) from investment firm TPG Capital and Actera.

Mey Içki is the leading spirits producer and distributor in Turkey, and is the market leader in Raki – the biggest spirits category in the country.

“Turkey is an attractive, growing market for Diageo, with strong GDP growth,” says CEO Paul Walsh. “The acquisition of Mey Içki transforms our existing position in this fast growing spirits market. It gives us leading brands in the major local spirits categories, a superior distribution network and a proven management team. The acquisition of Mey Içki will also provide Diageo with a platform from which to accelerate the long-term growth of our premium international spirits brands in Turkey.”

The acquisition is expected to be completed in the second half of this year, subject to regulatory clearances.