Tobacco company Altria Group, Inc. (MO) announced that it has entered into an agreement to sell its Ste. Michelle Wine Estates Business to Sycamore Partners Management, L.P. for $1.2 billion. Sycamore, a private equity firm, primarily specializes in consumer, retail, and distribution investments. Following the news release, shares of the company gained 2.1% in Friday’s trading session. Further, it appreciated marginally to close at $47.47 in the extended trading session. The transaction, which is likely to close in the second half of 2021, is not expected to be material to Altria’s earnings. Hence, the company has decided to exclude its effect from its diluted earnings per share.
https://www.tipranks.com/news/altria-to-sell-ste-michelle-wine-estates-business-for-1-2b-shares-rise
Altria (NYSE:MO)
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