October 17, 2016 / 12:32 PM / a year ago

BRIEF-Constellation Brands reaches an agreement to sell its Canadian wine business

Oct 17 (Reuters) - Constellation Brands Inc :

* Constellation has reached an agreement to sell its Canadian wine business to Ontario teachers’ pension plan

* Transaction is valued at approximately C$1.03 billion

* Expects to receive cash proceeds, net of repayment of outstanding debt, of approximately C$750 million

* Constellation Brands - expects to recognize after-tax gain for fiscal 2017, which will be excluded from company’s comparable basis diluted EPS from deal

* Constellation Brands Inc - acquires a minority stake in Bardstown Bourbon Company

* Constellation Brands Inc - will continue ownership of Black Velvet Whisky and related production facility in Lethbridge, Alberta, Canada

* Constellation Brands - deal includes sale of brands such as Jackson-Triggs,Inniskillin, wineries, vineyards, offices, facilities, wine rack retail stores Source text for Eikon: Further company coverage:

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