(Adds comment from Pernod Ricard, Swedish government)

STOCKHOLM -(Dow Jones)- Sweden's Vin & Sprit, maker of Absolut vodka, will be sold to Pernod Ricard SA (12069.FR) of France for 55 billion Swedish kronor ($ 9.24 billion) including debt, the Swedish government said Monday.

Pernod Ricard offered the best and highest bid and the Swedish company will continue to be based in Sweden after the transaction, the government said.

"We have received a very good price which will benefit (Swedish) households," said Financial Markets Minister Mats Odell. The sale's proceeds will be used to reduce government debt.

"This acquisition represents an exceptional opportunity for Pernod Ricard and creates the co-leader in the global wine and spirits industry," Pernod said in a statement.

The French wine and spirits company said it expects "strong" synergies of EUR125 million to EUR150 million before taxes and that the impact of the acquisition on its net profit should be neutral for the first year, then " significantly positive" thereafter.

Absolut is the world's third-largest premium liquor in terms of volume, after Diageo PLC's (DEO) Smirnoff vodka and Bacardi rum, and the deal will mean the end of Pernod's distribution deal with Russian vodka-maker Stolichnaya. However, Pernod will continue distributing the Russian vodka over a short period of time to allow the Russian owner of Stolichnaya, SPI, to find a new distributor.

Until the Absolut deal, Pernod owned the global distribution rights of Stolichnaya, excluding Russia, and had been in talks with SPI and the Russian government for nearly three years to acquire the brand.

Vin & Sprit reported a net profit in 2007 of SEK1.47 billion on revenue of SEK10.31 billion. The sale is part of a larger asset sale by the Swedish State, which includes divesting stakes in telecommunications company TeliaSonera AB ( TLSN.SK) and Nordea Bank AB (NDA.SK), as well as selling fully state-owned mortgage company SBAB and property company Vasakronan. The government has already sold its stake in stock exchange operator OMX AB (OMX.SK) to Borse Dubai and Nasdaq (NDAQ).

Three other bidders took part of the due diligence process leading up to the binding bids, according to people familiar with the matter. U.S.-based Fortune Brands Inc. (FO), Bacardi International Ltd. of Bermuda, and Swedish private equity group EQT, working together with investment firm Investor AB (INVE-B.SK) were also interested in the distiller.

Company Web site: http://www.vsgroup.com

-By Ian Edmondson, Dow Jones Newswires; +46-8-5451-3094; ian.edmondson@ dowjones.com

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