date:Jan 06, 2016
Diageo has completed the sale of its US and UK wine businesses to Australian wine producer Treasury Wine Estates (TWE).
The company had announced in October that it would be offloading its US-based Chateau and Estate Wines and the UK-based Percy Fox interests for $552m.
The proceeds from the deal, which amount to $489m after tax and transaction costs, will be used by the company to pay off its debts, reported Irish Independent.
The acquisition is said to complement Treasury Wine Estates' othe