SYDNEY, Oct 14 (Reuters) - Australia's Treasury Wine Estates TWE.AX , the world's biggest standalone wine maker, said on Wednesday it had agreed to buy the majority of Diageo Plc's DGE.L U.S. and British wine operations for $552 million.
Treasury also announced a fully underwritten rights issue to raise around A$486 million ($350 million) to fund the acquisition.
The company said the purchase of brands including Sterling Vineyards, Yellow Tail, Blossom Hill and Piat d'Or as well as the Chateaux & Estate Wine business in the United States would immediately double its U.S. luxury and "masstige" - or mass prestige - net sales revenue. ($1 = 1.3870 Australian dollars)