Constellation agrees sale of Australian and UK business

Constellation Brands, the world’s biggest winemaker, has confirmed it is to sell 80% of its Australian and British wine business to Champ Private Equity of Sydney in a deal valued at around AUD$290 million.

The transaction will include almost all of Constellation’s Australian, UK and South African brands, wineries and vineyards, as well as its 50% stake in Matthew Clark.

The transaction, which is expected to close by the end of January 2011, is subject to customary and routine closing conditions.

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Constellation expects to use the net proceeds to reduce borrowings.

Alan Lodge, 23.12.2010