Constellation Completes Sale of Australian and UK Business
February 02
12:46
2011
Constellation Brands, the world’s leading premium wine company, has completed the sale of its Australian and UK business to Champ Private Equity of Australia. The transaction is valued at about A$290m (Eur210m). Constellation has retained a 20% interest in the business and received cash proceeds of about A$230m, which will be used to reduce borrowings.
The businesses sold include virtually all Constellation’s Australian, UK, and South African brands, wineries, facilities, vineyards, and the group’s 50% interest in Matthew Clark, the UK wholesale joint venture. The European business has been renamed Accolade Wines by Champ.
