FTC approves revised Gallo-Constellation blockbuster wine deal
The Federal Trade Commission on Wednesday approved a revised blockbuster deal paving the way for E. & J. Gallo Winery finally to buy the lower-tier wineries of Constellation Brands Inc.
The commission voted 5-0 to clear the last remaining obstacle before completion the estimated $1 billion transaction.
Constellation Brands said Friday the transaction is now set to close the week of Jan. 4, and then it will release final financial details.
The sale was initially announced in April 2019, and at that time pegged at $1.7 billion. Of local interest, the Clos du Bois winery in Geyserville and the Ravenswood and Mark West brands remain part of the pending sale. The two latter brands were started in Sonoma County.
The deal was revised to pass muster with federal regulators and Constellation Brands was forced to sell Cook's California Champagne, J. Roget American Champagne and Paul Masson Grande Amber Brandy to Sazerac Co.
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