LOUISVILLE, Ky. — Brown-Forman finalized plans to sell its Finlandia vodka brand to Coca-Cola HBC for $220 million, the company announced Monday. 

Subject to the closing process, officials said the purchase should close in the second half of 2023.

The Louisville-based spirits outfit first aquired Finlandia in 2000, and CEO Lawson Whiting credited it for playing a part in Brown-Forman's global growth.

“We believe Coca-Cola HBC is well-suited to support Finlandia’s future growth and look forward to watching the continued evolution of the brand in their capable hands," Whiting said.

Zoran Bogdanovic, CEO of Coca-Cola HBC, said becoming the home of Finlandia will help bolster their ready-to-drink portfolio.

Brown-Forman is a global spirits company founded in 1870. Their portfolio includes world-renowned brands like Jack Daniel's, Woodford Reserve and El Jimador, and it employs over 5,200 people.