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Constellation Brands divests whisky brand

Aug. 12, 2019 4:53 PM ETConstellation Brands, Inc. (STZ) StockSTZBy: Clark Schultz, SA News Editor17 Comments
  • 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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