Constellation brands and e. & j. gallo sign agreement with federal trade commission staff relating to consent order on pending transaction; constellation provides business update for fiscal 2021

Victor, n.y., nov. 09, 2020 (globe newswire) -- constellation brands, inc. (nyse: stz and stz.b), a leading beverage alcohol company, announced today that it and e. & j. gallo winery have signed an agreement containing consent order with the bureau of competition of the u.s. federal trade commission (ftc) regarding gallo's pending acquisition of a portion of constellation's wine and spirits portfolio principally priced at $11 retail and below, including certain related facilities located in california, new york, and washington state. the proposed consent order marks the final stages in the ftc review process and remains subject to review and approval by the ftc commissioners, who typically provide their final review within 30 to 45 days. therefore, constellation anticipates closing in the fourth quarter of fiscal 2021.
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