Diageo Plc (DGE) agreed to buy the Brazilian cachaca brand Ypioca as the world’s biggest distiller expands in faster-growing emerging markets. Diageo will buy Ypioca and some production assets from Ypioca Agroindustrial Limitada for 900 million reais ($453 million) in cash, it said today in a statement. The transaction will be completed in about a month. Cachaca, the main ingredient in a caipirinha cocktail, is the most popular liquor in Brazil, the company said. Ypioca, which is the second-largest brand by value and third-largest by volume, had annual sales of about 177 million reais in 2011. It’s made from fermented sugar cane juice and is mixed with lime, sugar and ice for a caipirinha. “Brazil is an attractive, fast-growing market for Diageo with favorable demographics and increasing disposable incomes,” Paul Walsh, Diageo’s chief executive officer, said in the statement. The purchase will boost Diageo’s revenue growth, he said. Diageo, based in London, owns brands including Smirnoff vodka and Johnnie Walker Scotch whisky. It’s among distillers seeking to expand outside Europe and the U.S., its largest markets, as economic conditions hold back growth, and hopes to expand its sales from emerging markets to at least 50 percent of its total revenue. It bought Turkey’s Mey Icki raki brand for about $2.1 billion last year and got regulatory approval in March to buy a Chinese white-spirits maker. Morgan Stanley advised Diageo on the purchase.