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Acquisition of businesses | 6 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Acquisition of businesses | Acquisition of businesses Fair value of assets and liabilities acquired and cash consideration paid in respect of acquisition of subsidiaries in the six months ended 3 1 December 2022 were as follows:
| Acquisitions |  |
| £ million |  |
Brands | 45 |  |  |
Property, plant and equipment | 24 |  |  |
Inventories | 24 |  |  |
Other working capital | 1 |  |  |
Deferred tax | (3) |  |  |
Cash | 1 |  |  |
Fair value of assets and liabilities | 92 |  |  |
Goodwill arising on acquisition | 22 |  |  |
Step acquisition | (10) |  |  |
Consideration payable | 104 |  |  |
Satisfied by: |  |  |
Cash consideration paid | (96) |  |  |
Contingent consideration payable | (5) |  |  |
Deferred consideration payable | (3) |  |  |
| (104) |  |  |
Diageo completed two acquisitions in the six months ended 31 December 2022: (i) on 29 September 2022, the acquisition of that part of the entire issued share capital of Mr Black Spirits Pty Ltd, owner of the Mr Black Australian premium cold brew coffee liqueur, that it did not already own; and (ii) on 2 November 2022, the acquisition of the entire issued share capital of Balcones Distilling, a Texas craft distiller and one of the leading producers of American single malt whisky in the United States. The fair values of assets and liabilities acquired in respect of the two acquisitions are provisional and will be finalised in the year ending 30 June 2023. Cash consideration paid in respect of the acquisition of businesses in the six months ended 31 December 2022 were as follows:
| Consideration
| £ million
Acquisitions in the year |
Subsidiaries |
Cash consideration paid | (96) |
Cash acquired | 1 |
Investments in associates |
Cash consideration paid | (3) |
Prior year acquisitions |
Subsidiaries |
Contingent consideration paid | (8) |
Other consideration | (10) |
Investments in associates |
Capital injection | (28) |
Net cash outflow on acquisition of businesses | (144) |

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- Definition Business Combinations + References No definition available. + Details
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- Definition The entire disclosure for business combinations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 3 -IssueDate 2022-03-24 -Section Disclosures -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2022-en-r&doctype=Standard&dita_xref=IFRS03_g59-63__IFRS03_g59-63_TI -URIDate 2022-03-24 + Details
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