Constellation Brands poised to agree CAD 1bn sale of Canadian wine unit to Ontario Teachers' Pension Plan - report
Constellation Brands [NYSE:STZ] could announce the sale of its Canadian wine operation later today, 17 October, The Wall Street Journal reported. According to individuals familiar with the transaction, Ontario Teachers’ Pension Plan (OTPP) is poised to agree the acquisition of the wine business for approximately CAD 1bn (USD 760m), the report said.
New York-based Constellation revealed earlier this year its IPO plans for the Canadian wine unit but started a sale process after being approached by OTPP and several wine producers in Canada, the sources said.
The wine business includes the Sumac Ridge and Jackson-Triggs brands, the report said.