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In a dramatic exit, Constellation Brands is selling BRL Hardy and the rest of its Australian, South African and U.K. wine divisions in a deal worth roughly $290 million. The buyer is CHAMP, a private equity firm based in Sydney, Australia. It's a stunning turnaround for the world's biggest wine corporation. Constellation built its Australian operation by buying BRL Hardy for $1.1 billion in 2003. Just seven years later it's selling the assets for $810 million less and walking away from the continent. Wine Spectator associate editor Tim Fish and contributor Tyson Stelzer report.
For the full article, check out the new issue of Wine Spectator, on newsstands March 1, 2011.
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