Continuing its run of aggressive dealmaking, Constellation Brands announced today that it has sold its Canadian wine business to the Ontario Teachers’ Pension Plan for $784 million. The news comes on the same day the company acquired five upscale wine brands from Washington-based Charles Smith Wines for $120 million.
Constellation says the move to divest its Canadian wine business—acquired via its $1.3 billion purchase of Vincor in 2006—furthers its strategy of focusing on “premium, high-margin and high-growth” wine labels. That transaction, expected to close by the year-end, includes the Jackson-Triggs and Inniskillin brands, as well as wineries, vineyards, Wine Rack retail stores and other holdings. Constellation will retain its Black Velvet Canadian whisky brand and related production facility in Lethbridge, Alberta.
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