Constellation Brands says it has completed the sale of its Canadian wine business.
The Victor-based company is selling the Canadian wine business to Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada.
The transaction is valued at about $770 million, or just over a billion dollars in Canadian currency.
Constellation says the sale aligns with the company's focus on driving higher-growth, higher-margin businesses.
The company had said earlier that it will continue to own Black Velvet Whiskey and a related production facility in Alberta.
