Altria Agrees to $1.2 Billion Sale of Ste. Michelle Wine Estates to Sycamore Partners
09 Juli 2021 - 3:06PM
Dow Jones News
By Adriano Marchese
Altria Group Inc. said Friday that the company subsidiary UST
LLC has agreed to sell its Ste. Michelle Wine Estates business to
private-equity firm Sycamore Partners Management LP for around $1.2
billion.
The producer and marketer of tobacco, cigarettes and other
related products said that as well as the purchase price, Sycamore
will also assume certain Ste. Michelle liabilities.
"We believe the transaction is an important step in Altria's
value creation for shareholders and allows our management team
greater focus on the pursuit of our vision to responsibly
transition adult smokers to a non-combustible future," Chief
Executive Officer Billy Gifford said.
Altria said it expects the transaction will close in the second
half of the year and plans to use the cash proceeds for additional
share repurchases.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 09, 2021 09:02 ET (13:02 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Altria (NYSE:MO)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Altria (NYSE:MO)
Historical Stock Chart
Von Apr 2023 bis Apr 2024