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Carlyle agrees to buy Australia's Accolade wines for $770 mln

Published 05/04/2018, 08:27 am
Updated 05/04/2018, 08:30 am
© Reuters.  Carlyle agrees to buy Australia's Accolade wines for $770 mln
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SYDNEY, April 5 (Reuters) - Global private equity firm The Carlyle Group CG.O has agreed to buy Australia's Accolade Wines for A$1 billion ($770 million), Accolade's majority owner CHAMP Private Equity said on Thursday.

CHAMP, which owns 80 percent of Accolade, maker of wine brands such as Hardy's and Petaluma, said in a statement that it and Constellation Brands (NYSE:STZ) STZ.N , which owns the remaining 20 percent, agreed to sell their holdings to Carlyle.

CHAMP formed Accolade out of its purchase of Constellation's Australian brands for A$290 million in 2011. Carlyle and Constellation were not immediately available for comment. ($1 = 1.2957 Australian dollars)

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