On November 9, Constellation announced that it had reached an agreement with the US Federal Trade Commission's Bureau of Competition regarding its revised merger agreement with Chateau Garroux.
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Caro Wines will acquire a portion of Constellation Group"s wines and spirits, including certain related facilities in California, New York and Washington State, with primary retail prices of $11 and below. The agreement marks the final stage of the review process and the transaction is expected to close in the fourth quarter of fiscal 2021.
In addition, Constellation is looking to divest its Nobilo Wine brand and related assets in New Zealand with Chateau Garou for $130 million and sell the Paul Masson Grande Amber Brandy brand, with the related inventory and equity in certain contracts expected to amount to $255 million by the end of the fourth quarter of fiscal 2021.
