Constellation to Sell Nobilo Wine Brand to Gallo for $130 Million

Date : 12/12/2019 @ 3:51PM
Source : Dow Jones News
Stock : Constellation Brands Inc (STZ)
Quote : 130.01  -6.87 (-5.02%) @ 4:48PM

Constellation to Sell Nobilo Wine Brand to Gallo for $130 Million

Constellation Brands (NYSE:STZ)
Historical Stock Chart

6 Months : From Oct 2019 to Apr 2020

Click Here for more Constellation Brands Charts.

By Colin Kellaher

 

Constellation Brands Inc. (STZ) Thursday said it agreed to sell its New Zealand-based Nobilo Wine brand and related assets to E. & J. Gallo Winery Inc. for $130 million.

The Victor, N.Y., beer and spirits company said the transaction is separate from the revised larger deal it reached with Gallo aimed at addressing competitive concerns raised by the U.S. Federal Trade Commission.

Constellation said it expects to complete the sale of the Nobilo brand, which had net sales of nearly $40 million on volume of roughly 550,000 cases for the 12 months ended Aug. 31, in the first half of fiscal 2021.

In total, the businesses privately held Gallo is acquiring in both transactions had net sales of $860 million on volume of about 22 million cases for the same 12-month period, Constellation said.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

December 12, 2019 10:36 ET (15:36 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest STZ Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.