Constellation Brands To Sell Paul Masson Grande Amber Brandy, Nobilo Wine Brands

(RTTNews) - Constellation Brands, Inc. (STZ) has signed an agreement with Sazerac Company, to divest the Paul Masson Grande Amber Brandy brand, related inventory and interests in certain contracts for approximately $255 million. Separately, the company has agreed with E. & J. Gallo Winery to divest its Nobilo Wine brand and certain related assets and liabilities for $130 million.

"These agreements represent another step forward in our efforts to transform our wine and spirits business," said Bill Newlands, president and chief executive officer at Constellation Brands.