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July 9, 2021, 8:38 a.m. EDT

Altria to sell Ste. Michelle wine estates business to Sycamore Partners for about $1.2 billion in cash

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By Ciara Linnane

Altria Group Inc. /zigman2/quotes/208895754/composite MO -0.72% said Friday it has agreed to sell its Ste. Michelle Wine Estates business to private-equity firm Sycamore Partners Management L.P. for about $1.2 billion in cash. Altria expects the deal to close in the second half of 2021. The deal is expected to allow the company focus on its transition to non-combustible products. Proceeds will be used to fund share buybacks, subject to board approval. Altria shares were up 0.8% premarket and have gained 13% in the year to date, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.10% has gained 12.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.15% has gained 15%.

/zigman2/quotes/208895754/composite
US : U.S.: NYSE
$ 48.46
-0.35 -0.72%
Volume: 4.40M
Sept. 24, 2021 4:02p
P/E Ratio
19.81
Dividend Yield
7.43%
Market Cap
$89.36 billion
Rev. per Employee
$2.94M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,798.00
+33.18 +0.10%
Volume: 256.58M
Sept. 24, 2021 5:05p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,455.48
+6.50 +0.15%
Volume: 1.69B
Sept. 24, 2021 5:05p
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