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.
Do you have a Wine Spectator magazine subscription? Save 50% on your Online Membership right now!