LONDON (ShareCast) - (Sharecast News) - US tobacco company Altria has agreed to sell its Ste. Michelle wine estates business to private equity firm Sycamore Partners in a $1.2bn all-cash deal.
Altria expects the transaction to close in the second half of the year.

Chief executive officer Billy Gifford said: "We believe the transaction is an important step in Altria's value creation for shareholders and allows our management team greater focus on the pursuit of our vision to responsibly transition adult smokers to a non-combustible future.

"Ste. Michelle and its talented employees have built an outstanding portfolio of premium wine brands, and we wish them future success."

Altrai expects to use the net proceeds from the deal for additional share repurchases, subject to approval by the board of directors.

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