Altria Jumps On Plan To Sell Ste. Michelle Wine Estates For $1.2B

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Click to view a price quote on OUNZ. : Shares of Altria Group   (MO) - Get Report jumped on Friday after the tobacco company agreed to sell its Ste. Michelle Wine Estates business to private equity firm Sycamore Partners for $1.2 billion cash. Ste. Michelle, Woodinville, Wash., produces premium wines sold under labels including Chateau Ste. Michelle, 14 Hands and Stag's Leap Wine Cellars. It also imports Antinori and Champagne Nicolas Feuillatte products into the U.S. The companies hope to close the deal by year's end, subject to Sycamore obtaining the necessary financing and antitrust regulators clearing the purchase.

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