
Constellation Brands, Inc., announced that it has reached an agreement with Sazerac to divest its SVEDKA brand. This transaction is expected to close in the coming months. The company said the decision builds on the company’s strategic efforts to further align the wine and spirits portfolio with evolving consumer preferences and growing market sectors, focusing on higher-end wine and spirits brands and products. Over the last few years, Constellation has divested the majority of its popular and mainstream wine and spirits brands within the portfolio and is focused on competing predominantly in premium and fine wine and craft spirits segments. The transaction is subject to customary closing conditions, including receipt of regulatory approvals.