Constellation Brands Again Revises Sale of Brands to Gallo, New Price About $1.03 Billion
May 28 2020 - 7:57PM
Dow Jones News
By Josh Beckerman
Constellation Brands Inc., which previously revised a deal to
sell some brands to E. & J. Gallo Winery amid concerns raised
by the U.S. Federal Trade Commission, has again changed the
transaction in connection with the FTC review process.
Constellation said its Mission Bell facility is now excluded
from the transaction. The revised agreement was amended to support
Constellation's production needs following its decision to retain
Cook's California Champagne and J. Roget American Champagne.
The deal is now worth about $1.03 billion, subject to closing
adjustments, which includes an earnout of up to $250 million. The
adjusted transaction disclosed in December was valued at about $1.1
billion, compared with $1.7 billion for the deal originally
announced in April 2019.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 28, 2020 19:42 ET (23:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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