Constellation Brands Inc (STZ.N) said it will sell its Canadian wine business to Ontario Teachers' Pension Plan in a deal valued at about $1.03 billion
The sale, which includes the Jackson-Triggs and Inniskillin wine brands, is expected to close by the end of the calendar year, the company said.
Constellation Brands will continue ownership of Black Velvet Whisky and the related production facility in Lethbridge, Alberta, Canada.
The company also said it will buy the Charles Smith Wines collection of five super and ultra-premium wines from Charles Smith Wines LLC for about $120 million to enhance its U.S. wine portfolio.
Constellation's shares were up 2 per cent at $173 in premarket trading on Monday.
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