The company would continue to produce the drink at its Midleton Distillery...
Irish Distillers, an affiliate of Pernod Ricard, is in the midst of exclusive negotiations with Sazerac over the sale of its Paddy Irish Whiskey brand.
If the sale goes ahead, Irish Distillers would continue to produce Paddy - the fourth largest Irish whiskey brand in the world - at its Midleton Distillery.
This means that jobs would not be affected - Irish Distillers would continue to carry out the same role and employees would remain in place under their current terms and conditions.
Paddy Irish Whiskey currently sells 200,000 of its nine-litre cases in 28 countries worldwide annually.
The deal could facilitate Pernod Ricard investment in other key Irish Distillers' brand, including Jameson and Powers.
The Irish whiskey industry is forecast to grow by 100% by 2020.
Mark Brown, President and CEO of Sazerac, said of the proposed deal:
"In the global market, Irish whiskey experienced the fastest volume growth in the last five years, outpacing all other spirits categories. Consumers worldwide are seeing it as an alternative to other whiskies. If this deal goes through, we are confident that we will be able to take Paddy to the next level, building on its strong history and roots".
Anna Malmhake, Chairman and CEO of Irish Distillers, said:
"At the heart of everything that Irish Distillers does is a desire to see Irish whiskey grow. This deal with Sazerac, if completed, would allow Irish whiskey’s reputation and footprint to grow further internationally.
"The proposed deal would ensure that Paddy would continue to be produced with the same love and care by our team in Midleton, Cork".