Altria Reaches Agreement to Sell Its Ste. Michelle Wine Estates Business

RICHMOND, Va.–(BUSINESS WIRE)–Altria Group, Inc. (Altria) today announced that its subsidiary, UST LLC, has entered into a definitive agreement to sell its Ste. Michelle Wine Estates (Ste. Michelle) business to Sycamore Partners Management, L.P., a private equity firm specializing in consumer, retail, and distribution investments (Sycamore Partners), in an all-cash transaction with a purchase price of approximately $1.2 billion and the assumption of certain Ste. Michelle liabilities (Transaction). Altria’s net cash proceeds will be subject to customary net working capital and other adjustments at closing.

Altria expects the Transaction to close during the second half of 2021, subject to Sycamore Partners obtaining the necessary financing and the satisfaction of customary closing conditions, including antitrust regulatory clearance.

“We believe the Transaction is an important step in Altria’s value creation for shareholders and…

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