Treasury Wine Estates, the maker of Penfolds Grange, agreed to buy most of Diageo’s US and UK wine assets for $600 million (€527 million) as it seeks to add high-end labels in some of the world’s biggest markets.
The acquisition will be funded with new debt and a rights offering to raise about A$486 million (€312 million), the Melbourne-based company said.
The deal gives Treasury Wine US brands including Beaulieu Vineyards and...
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