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Altria Group Sells Ste. Michelle Wine Estates Business For $1.2B

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Altria Group Sells Ste. Michelle Wine Estates Business For $1.2B
  • Altria Group Inc’s (NYSE: MO) subsidiary, UST LLC,  has agreed to sell its Ste. Michelle Wine Estates business to Sycamore Partners Management, L.P. in an all-cash transaction with a purchase price of $1.2 billion, plus certain liabilities.
  • Altria expects this transaction to close during the second half of 2021.
  •  Altria expects to record any gain or loss on this transaction and related disposition items, which it does not anticipate being material, in the second half of 2021.
  • Altria does not expect to account for the results of Ste. Michelle as discontinued operations.
  • Altria plans to use this sale net proceeds for additional share repurchases.
  • Altria’s cash and equivalents totaled $5.79 billion as of March 31, 2021.
  • Price action: MO shares are trading higher by 2.72% at $47.66 on the last check Friday.
 

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