Diageo to sell 19 brands to U.S.-based Sazerac for $550 million

(Reuters) - Diageo Plc is selling 19 spirits brands, including Seagrams VO Canadian whisky and cinnamon schnapps Goldschlager, to U.S.-based company Sazerac for $550 million (425.1 million pounds) as it focuses on its premium whisky brands such as Johnnie Walker in the United States.Diageo, also known for Smirnoff vodka and Guinness stout, said on Monday it would return the net proceeds of about 340 million pounds ($438 million) to shareholders through a share repurchase.Sky News reported..