Constellation Brands is concluding the sale of Svedka Vodka brand to Pernod Ricard for approximately $1.2B.
Under the deal, Pernod will acquiring Svedka brand, as well as related inventory and interests in certain contracts.
Speaking of the development, Constellation Brands president and CEO Bill Newlands said: “The closure of this sale concludes a series of transactions within our wine and spirits business designed to help accelerate revenue growth and operating margin performance by advancing our vision of building a winning portfolio of distinctive, higher-end brands.