{"id":511355,"date":"2021-07-09T08:33:13","date_gmt":"2021-07-09T12:33:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/altria-reaches-agreement-to-sell-its-ste-michelle-wine-estates-business\/"},"modified":"2021-07-09T08:33:13","modified_gmt":"2021-07-09T12:33:13","slug":"altria-reaches-agreement-to-sell-its-ste-michelle-wine-estates-business","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/altria-reaches-agreement-to-sell-its-ste-michelle-wine-estates-business\/","title":{"rendered":"Altria Reaches Agreement to Sell Its Ste. Michelle Wine Estates Business"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Altria Reaches Agreement to Sell Its Ste. Michelle Wine Estates Business<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>All-cash transaction with a purchase price of approximately $1.2 billion expected to close in the second half of 2021.<\/b><\/li>\n<li><b>Altria expects to use net cash proceeds for additional share repurchases subject to Board approval. <\/b><\/li>\n<\/ul>\n<p>RICHMOND, Va.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAltria 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\u2019s net cash proceeds will be subject to customary net working capital and other adjustments at closing.\n<\/p>\n<p>\nAltria 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.\n<\/p>\n<p>\n\u201cWe believe the Transaction is an important step in Altria\u2019s 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,\u201d said Billy Gifford, Altria\u2019s Chief Executive Officer. \u201cSte. Michelle and its talented employees have built an outstanding portfolio of premium wine brands, and we wish them future success.\u201d\n<\/p>\n<p>\n\u201cThe Ste. Michelle leadership team and I look forward to working with the team at Sycamore Partners and believe we are well-positioned to drive the next phase of our growth,\u201d said David Dearie, Ste. Michelle\u2019s President and Chief Executive Officer.\n<\/p>\n<p><b>Transaction-related Financial Implications<\/b><\/p>\n<p>\nAltria expects to record any gain or loss on the Transaction and related disposition items, which it does not anticipate being material to Altria, in the second half of 2021. Altria intends to treat these amounts as special items and exclude them from its adjusted diluted earnings per share. Altria does not expect to account for the results of Ste. Michelle as discontinued operations.\n<\/p>\n<p>\nAltria expects to use the net proceeds from the Transaction for additional share repurchases, subject to approval by its Board of Directors.\n<\/p>\n<p>\nCredit Suisse Securities (USA) LLC represented Altria as financial advisor, and White &amp; Case LLP provided legal counsel to Altria for the Transaction.\n<\/p>\n<p><b>Altria\u2019s Profile<\/b><\/p>\n<p>\nAltria has a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. Altria\u2019s Vision through 2030 is to responsibly lead the transition of adult smokers to a non-combustible future (Vision). Altria is <i>Moving Beyond Smoking<\/i>\u2122, leading the way in moving adult smokers away from cigarettes by taking action to transition millions to potentially less harmful choices &#8211; believing it is a substantial opportunity for adult tobacco consumers, Altria\u2019s businesses and society.\n<\/p>\n<p>\nAltria\u2019s wholly owned subsidiaries include the most profitable tobacco companies in their categories: Philip Morris USA Inc. (PM USA), U.S. Smokeless Tobacco Company LLC (USSTC) and John Middleton Co. (Middleton). Altria\u2019s non-combustible portfolio includes Helix Innovations LLC (Helix), the maker of <i>on!<\/i> oral nicotine pouches, exclusive U.S. commercialization rights to the <i>IQOS Tobacco Heating System<\/i>\u00ae and <i>Marlboro HeatSticks<\/i>\u00ae, and an equity investment in JUUL Labs, Inc. (JUUL).\n<\/p>\n<p>\nAltria complements its tobacco portfolio with ownership of Ste. Michelle Wine Estates Ltd. (SMWE) and equity investments in Anheuser-Busch InBev SA\/NV (ABI), the world\u2019s largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian cannabinoid company.\n<\/p>\n<p>\nThe brand portfolios of Altria\u2019s tobacco operating companies include <i>Marlboro<\/i>\u00ae, <i>Black &amp; Mild<\/i>\u00ae, <i>Copenhagen<\/i>\u00ae, <i>Skoal<\/i>\u00ae and <i>on!<\/i>\u00ae. SMWE produces and markets premium wines sold under various labels, including <i>Chateau Ste. Michelle<\/i>\u00ae, <i>14 Hands<\/i>\u00ae <i>and Stag\u2019s Leap Wine Cellars<\/i>\u2122, and it imports and markets <i>Antinori<\/i>\u00ae and <i>Champagne Nicolas Feuillatte<\/i>\u2122 products in the United States. Trademarks and service marks related to Altria referenced in this release are the property of Altria or its subsidiaries or are used with permission.\n<\/p>\n<p>\nLearn more about Altria at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.altria.com&amp;esheet=52457155&amp;newsitemid=20210709005222&amp;lan=en-US&amp;anchor=www.altria.com&amp;index=1&amp;md5=1d1b0b79aba1193b5d715d651aed70fc\">www.altria.com<\/a> and follow us on Twitter, Facebook and LinkedIn.\n<\/p>\n<p><b>Forward-Looking and Cautionary Statements<\/b><\/p>\n<p>\nThis release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.\n<\/p>\n<p>\nImportant factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include the parties\u2019 ability to consummate the Transaction as expected (including uncertainties related to Sycamore Partners\u2019 ability to obtain the necessary financing to consummate the Transaction); the possibility that one or more of the conditions to the consummation of the Transaction may not be satisfied; the possibility that regulatory approvals required for the Transaction may not be obtained in a timely manner, if at all; the parties\u2019 ability to meet expectations regarding the timing, completion, and other matters relating to the Transaction; and any event that could give rise to the termination of the agreement with Sycamore Partners. Other important factors include the possibility that the expected benefits of the Transaction may not materialize in the expected manner or timeframe, if at all, and the other factors detailed in Altria\u2019s publicly filed documents, including Altria\u2019s Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequent reports on Forms 10-Q and 8-K.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210709005222r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210709005222\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210709005222\/en\/<\/a><\/span><\/p>\n<p>\nAltria Client Services<br \/>\n<br \/>Investor Relations<br \/>\n<br \/>804-484-8222\n<\/p>\n<p>\nAltria Client Services<br \/>\n<br \/>Media Relations<br \/>\n<br \/>804-484-8897\n<\/p>\n<p><b>KEYWORDS:<\/b> Virginia United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Retail Other Retail Wine &amp; Spirits Tobacco Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210709005222\/en\/890247\/3\/AG_pos_fullv_nor_p.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Altria Reaches Agreement to Sell Its Ste. Michelle Wine Estates Business All-cash transaction with a purchase price of approximately $1.2 billion expected to close in the second half of 2021. Altria expects to use net cash proceeds for additional share repurchases subject to Board approval. RICHMOND, Va.&#8211;(BUSINESS WIRE)&#8211; 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\u2019s net cash proceeds will be &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/altria-reaches-agreement-to-sell-its-ste-michelle-wine-estates-business\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Altria Reaches Agreement to Sell Its Ste. Michelle Wine Estates Business&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-511355","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Altria Reaches Agreement to Sell Its Ste. Michelle Wine Estates Business - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/altria-reaches-agreement-to-sell-its-ste-michelle-wine-estates-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Altria Reaches Agreement to Sell Its Ste. Michelle Wine Estates Business - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Altria Reaches Agreement to Sell Its Ste. Michelle Wine Estates Business All-cash transaction with a purchase price of approximately $1.2 billion expected to close in the second half of 2021. Altria expects to use net cash proceeds for additional share repurchases subject to Board approval. RICHMOND, Va.&#8211;(BUSINESS WIRE)&#8211; 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\u2019s net cash proceeds will be &hellip; Continue reading &quot;Altria Reaches Agreement to Sell Its Ste. 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