Diageo has agreed to pay $900m for its 50% equity stake in the newly formed company, which will be based in the Netherlands with the Nolet family owning the other half.
The Nolet family will continue to own the brand rights for Ketel One and Diageo will become the exclusive distributor of the brand globally.
Paul Walsh, chief executive, Diageo, said: 'This transaction is strategically important for Diageo, giving us an interest in an outstanding high quality brand and fantastic potential for global growth in the super-premium vodka segment.'
As a result of the Ketel One deal, Diageo has pulled out of the auction for Vin & Sprit AB's Absolut vodka brand.
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