Deals
Marlboro Maker Altria to Sell Wine Business for $1.2 Billion
- Sycamore Partners to pay cash for Ste. Michelle Wine Estates
- Altria is rethinking portfolio as smoking falls out of favor
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Altria Group Inc. agreed to sell its Ste. Michelle Wine Estates business to Sycamore Partners Management LP as the maker of Marlboro cigarettes in the U.S. prunes its non-tobacco holdings.
The private equity firm will pay $1.2 billion in the cash deal, along with the assumption of certain Ste. Michelle liabilities, according to a statement Friday. The transaction is expected to close in the second half after receiving antitrust approval.