Treasury Wine splashes $754m to buy Diageo wine business

 In Australia, NewZealand
Treasury Wine Estates is getting on the front foot to bolster its US business by acquiring most of alcoholic beverages giant Diageo’s wine division for $754 million, and will help pay for the purchase with a 2-for-15 rights issue to raise $486 million.
Treasury, which owns brands including Penfolds, Wolf Blass and Rosemount, is bolstering its United States operations through the deal. Diageo’s wine business is heavily weighted to United States brands including Sterling Vineyards, Beaulieu Vineyards, Acacia, Provenance and Hewitt.
But it also comes with the big-selling lower-end commercial wine brand, Blossom Hill, which is the No.2-selling brand in the UK and sells 5 million cases of wine each year.  Sydney Morning Herald – Read more…

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