Altria Group Inc (NYSE:MO) shares are trading higher by 2.7% at $47.64 Friday morning after the company announced a deal to sell its Ste. Michelle Wine Estates Business for $1.2 billion in cash.
Altria expects the purchase to close in the second half of 2021.
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Altria comprises Philip Morris USA, U.S. Smokeless Tobacco, John Middleton, Ste. Michelle Wine Estates, Nu Mark and Philip Morris Capital. Altria's Marlboro brand is the leading cigarette brand in the U.S. with a 43% share in 2020.
Altria has a 52-week high of and a 52-week low of $52.59 and a 52-week low of $35.83.