Constellation Brands Inc. said late Wednesday it has agreed to sell about 30 of its brands of under-$11 wine to E. & J. Gallo Winery for $1.7 billion....
Constellation Brands Inc. STZ, +1.69% said late Wednesday it has agreed to sell about 30 of its brands of under-$11 wine to E. & J. Gallo Winery for $1.7 billion. Constellation said it will hold onto its more premium line of wine brands like Robert Mondavi, The Prisoner Wine Co., Kim Crawford, Ruffino, and Meiomi, and that the deal "better aligns [the company's] portfolio with consumer premiumization trends.
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