Beverage giant Diageo is adding yet another recognizable brand to its impressive spirits portfolio.

The conglomerate announced on Tuesday that it plans to acquire Don Papa Rum. The initial acquisition price is set at €260 million (over $280 million), with a “further potential consideration” of up to €177.5 million (over $191 million) through 2028, depending on brand growth.

Don Papa, founded in 2012, is a super-premium brand originating in the Philippines. It currently boasts almost a dozen expressions, including six cask-finished rums, and is currently available in 30 countries, with considerable market share in France, Germany, and Italy. It’s produced on the Philippine island of Negros Occidental (nicknamed Sugarlandia).

“Diageo has a strong track record in nurturing founder-led brands. They believe in our unique story and have genuinely embraced our brand idea. We believe this acquisition is a great opportunity to take Don Papa into the next exciting chapter of its development,” Don Papa founder Stephan Carroll stated in the press release.

While Diageo is set to take over the management of Don Papa, Carroll will continue to work alongside the conglomerate to guide the vision of the brand. Brand growth is at the center of Diageo’s acquisition strategy, as it seeks to further expand Don Papa’s global performance.

The acquisition, which is expected to be completed in early 2023, will be funded using Diageo’s existing cash reserves.