Constellation Eyes $770M IPO For Canadian Wine UnitJune 6, 2016
Constellation Brands is planning to spin off its Canadian wine business and take it public later this year, with an IPO estimated to fetch C$1 billion ($770m), reports Bloomberg. The unit, comprised of eight wineries and 160 retail locations, is expected to list on the Toronto Stock Exchange as early as this fall. Constellation CEO Robert Sands recently told investors that the Canadian business is outperforming the industry and that its full value isn’t being recognized, adding that an IPO would help create better visibility for the unit. Constellation’s Canadian wine business includes the Jackson-Triggs and Inniskillin ice wine brands, among others.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.