V&S Group (V&S Vin & Sprit AB), founded in 1917, is an international producer and distributor of alcoholic beverages. The group is currently owned by Pernod Ricard. Headquartered in Stockholm, the capital of Sweden, the group employs approximately 2,500 people. Until 1994, the group had the position of a national monopoly for production and distribution, but this was abolished when Sweden joined the European Union in 1995. However, the Swedish alcohol retailing monopoly, operated by Systembolaget, is still in force. On March 31, 2008 it was announced that the Swedish government intended to sell V & S Group to Pernod Ricard for 5.626 billion euro, corresponding to 55 billion Swedish kronor. The deal was approved and finalized on July 24, 2008 at an estimated value of 5.69 billion euro. The acronym V&S comes from the name Vin & Sprit, literally meaning "Wine & Liquor."