Beam Closes On $650M Pinnacle Vodka Deal

Beam Inc. has closed on its $605 million acquisition of the Pinnacle Vodka and Calico Jack rum brands, an effort to grow its vodka business.

DEERFIELD, Ill. (AP) -- Beam Inc. has closed on its $605 million acquisition of the Pinnacle Vodka and Calico Jack rum brands, an effort to grow its vodka business.

Beam, which makes Jim Beam bourbon, Courvoisier cognac and Sauza tequila, announced the deal with White Rock Distilleries in April.

Beam said Pinnacle, the fourth-biggest imported vodka brand in the U.S., will bolster its position in the vodka market.

The acquisition is not expected to affect Beam's 2012 earnings but will add 5 cents to 10 cents per share in 2013.

Last month the company, which is based in Deerfield, Ill., reported that its first-quarter net income slipped 3 percent, but consumers bought more liquor and the company's adjusted profit topped Wall Street expectations.

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