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Constellation enters agreement to acquire Fortune's U.S. wine business for $885M


Published : Mon, 12 Nov 2007 14:10
By : Agencies
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NEW YORK (Thomson Financial) - Constellation Brands Inc. Monday entered an agreement to acquire Fortune Brands Inc.'s U.S. wine business for $885 million.

The transaction, expected to close by Dec. 31, includes California wineries such as Clos du Bois, Geyser Peak and Wild Horse.

A portfolio of 2.6 million cases and more than 1,500 acres of vineyards in Napa, Sonoma and Carneros, Calif., plus five wineries, are included in the purchase.

Constellation, the alcohol beverage manufacturer and marketer, expects the acquisition to slightly boost its year-over-year earnings per share in 2009 and even more modestly in 2008.

The Fairport, N.Y.-based company plans to finance the transaction with debt.

Its stock closed Friday at $22.99.

Shares of Fortune Brands, the Deerfield, Ill.-based hardware, spirits, wine and golf products company, closed Friday at $79.17.

Melinda Peer

mp/tk1

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Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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