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Constellation Brands To Sell Paul Masson Grande Amber Brandy, Nobilo Wine Brands

Constellation Brands, Inc. (STZ) has signed an agreement with Sazerac Company, to divest the Paul Masson Grande Amber Brandy brand, related inventory and interests in certain contracts for approximately $255 million. Separately, the company has agreed with E. & J. Gallo Winery to divest its Nobilo Wine brand and certain related assets and liabilities for $130 million.

"These agreements represent another step forward in our efforts to transform our wine and spirits business," said Bill Newlands, president and chief executive officer at Constellation Brands.

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