27 July 2024
Constellations cuts debt with UK cider sale
Wine firm Constellation Brands has announced the completion of the sale of its Gaymer Cider Company business to C&C Group PLC of Dublin.
The ASX and NYSE-listed company sold their UK cider business for a purchase price of £45 million (A$80m).
“The company expects to use the proceeds from the sale to reduce borrowings,” they said in a statement a week after reporting a four per cent drop in third quarter sales.
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