Indian owners United Spirits Ltd have agreed to sell the Glasgow-founded Whyte & Mackay to Emperador Inc in~ the Philippines for £430million.
Whyte & Mackay was founded on the docks of Glasgow in 1844. The company has headquarters in St Vincent Street.
United Spirits is being forced to sell Whyte & Mackay after drinks firm Diageo Plc made a move to buy a controlling stake in the company.
The British comp-etition authority said Diageo's Bell's whisky competes with Whyte & Mackay's own-label and branded whisky.
They fear that, if Diageo took a stake in United Spirits, it may lead to "a substantial lessening" in competition.
In April, Diageo launched a bid to nearly double its stake in United Spirits to 54.8%.
United Spirits, which acquired Whyte & Mackay seven years ago for £595m, said the sale of the company was subject to regulatory approvals in India and Britain, as well as from the Reserve Bank of India.