Summary
Altria Group, Inc. (MO) announced the completion of a significant divestiture through its subsidiary, UST LLC. On September 30, 2021, UST LLC sold its entire stake in International Wine & Spirits Ltd., which encompasses the well-known Ste. Michelle Wine Estates business, to an entity managed by Sycamore Partners. This strategic move is expected to generate approximately $1.2 billion in net cash proceeds for Altria.
Key Highlights
- 1Altria Group's subsidiary, UST LLC, completed the sale of its International Wine & Spirits Ltd. business, including Ste. Michelle Wine Estates.
- 2The transaction was finalized on September 30, 2021.
- 3The buyer is an entity controlled by investment funds managed by Sycamore Partners Management, L.P.
- 4Altria received approximately $1.2 billion in net cash proceeds from the sale.
- 5Certain liabilities associated with the sold business were assumed by the buyer.