Treasury Wine Estates (ASX:TWE) reaches a long-term agreement with The Wine Group
Treasury Wine Estates (ASX:TWE) has reached an agreement with The Wine Group in relation to several of TWE’s commercial tier brands from its US portfolio.
Under the terms, The Wine Group will source and sell the Beringer Main & Vine, Beringer Founders’ Estate, Coastal Estates and Meridian brands in the Americas.
Today’s announcement will generate cash proceeds of approximately $100 million.
One off-costs associated with this transaction were recognised as material items in the 1H21 results.
Shares in Treasury Wine Estates (ASX:TWE) are trading 4.23 per cent higher at $11.57.
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Source: Finance News Network
