Drinks giant Diageo has finalised the sale of multiple wine brands to Australia’s Treasury Wine Estates, in a deal worth around £361m.
The purchase includes Percy Fox in the UK and the Chateaux & Estate Wine business in the US and brands such as Blossom Hill, Piat d’Or and Sterling Vineyards.
Ivan Menezes, Diageo chief executive, said, “Diageo’s strategy is to drive stronger, sustained performance through focus on our core portfolio and today’s announcement is another element of that strategy in action,” he added. “Wine is no longer core to Diageo and this sale gives us greater focus.”
Treasury Wine Estates' brands include Penfolds, Wolf Blass, Lindermans and Matua.