Constellation Brands divests whisky brand

|About: Constellation Brands, Inc. (STZ)|By:, SA News Editor

Constellation Brands (NYSE:STZ) inks an agreement with Heaven Hill Brands to divest its Black Velvet Canadian Whisky brand and a production facility in Canada for ~$266M.

The deal will also include a subset of Canadian whisky brands produced at the facility.

This transaction is expected to close in the second half of the calendar year.

"This decision aligns with our consumer-led premiumization strategy to deliver accelerated growth and shareholder value as we continue to focus our wine and spirits portfolio on higher-end, fast-growing brands," says Constellation CEO Bill Newlands.

Source: Press Release

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