Constellation Brands has reached an agreement to sell Paul Masson Grande Amber Brandy to Sazerac for approximately $255 million. Paul Masson sells two million cases annually and is one of the world’s largest brandy brands. The deal would first require a review and clearance from the Federal Trade Commission (FTC) and is expected to close in the second quarter of fiscal 2021.

Constellation has also agreed to sell its Nobilo wine brand to E&J Gallo Winery for $130 million, subject to FTC approval.

“These agreements represent another step forward in our efforts to transform our wine and spirits business,” said Bill Newlands, president, and CEO at Constellation Brands.

Source: The Spirits Business, January 2021