Constellation Brands, Gallo sign FTC agreement to allow $1 billion deal | #scams | #elderlyscams
Constellation Brands Inc. and E. & J. Gallo Winery announced Monday they have signed a consent decree with the Federal Trade Commission that would allow the two wine companies to complete their $1 billion transaction.
The proposed consent order marks the final stages in the FTC review process for approval of Gallo to buy Constellation’s lower-end wine and spirits brands in a deal originally announced in April 2019.
Constellation Brands has twice had to revise the deal to satisfy federal regulators. The transaction includes selling the Clos du Bois winery in Geyserville and the locally connected brands of Ravenswood and Mark West to Gallo, the largest wine company in the United States.
In a statement, Constellation said the order needs to be reviewed and approved by the FTC Commissioners, who typically act within 30 to 45 days on such process. Constellation said it anticipates closing the deal before February 2021.