Shareholders representing 53 per cent of shares in 42 Below have committed to irrevocable lock-in agreements and Bacardi will formally announce its takeover of 42 Below next week in accordance with New Zealand Stock Exchange rules.

"42 Below brands show long term potential in the global spirits industry with a particular focus on the growing Asia Pacific markets," said Andreas Gembler, President and CEO of Bacardi.

Becoming part of Bacardi will enable 42 Below to increase its presence in the Asia-pacific market by taking advantage of a well formulated global marketing and distribution infrastructure increasing the company's presence from 25 to 130 countries.

"Bacardi plans to invest heavily in the 42 Below brand portfolio and supporting infrastructure to really get it on top of the world stage," said Gembler.

Bacardi will take over 42 Below's portfolio of brands including flavoured vodkas Manuka Honey, Kiwifruit, Feijoa and Passion fruit and newer additions South Gin, Still Vodka, Seven Tiki White Rum, Tahiti Dark Rum and 420 spring water.

42 Below has a healthy, winning gold medals at the 44th World Selection of Spirits, San Francisco Spirits Awards, International Wines and Spirits competition UK, and being listed number one fastest growing company in the Deloitte fastest 50 of 2005.

Bacardi is the world's largest privately held spirits company with a portfolio of over 250 brands and labels including Bacardi, Grey Goose, Bombay Sapphire and Martini.