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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