Alcoholic beverages firm Constellation Brands has completed the sale of its Canada-based wine business to Ontario Teachers' Pension Plan.

Valued at around C$1.03bn ($760m), the transaction includes brands such as Jackson-Triggs and Inniskillin, as well as wineries, vineyards, offices, facilities, and Wine Rack retail stores.

Subject to post-closing adjustments, Constellation Brands received cash proceeds and net repayment of outstanding debt, valued at around C$765m ($549m).

"Constellation Brands received cash proceeds and net repayment of outstanding debt, valued at around C$765m ($549m) ."

The sale is a part of the firm's plan for growth, business activities, and capital allocation strategy, which includes returning value to shareholders via cash dividends and share repurchases, as well as value-creating acquisitions, while operating at a targeted-leverage ratio.

Founded in 1945, Constellation Brands owns more than 100 brands. It has around 40 facilities and employs about 8,000 people. With operations in the US, Canada, Mexico, New Zealand, and Italy the firm manufactures and retails beer, wine, and spirits.

Its beer brands include Corona Extra, Corona Light, Modelo Especial, Modelo Negra, and Pacifico, while the firm retails wines such as Robert Mondavi, Clos du Bois, Kim Crawford, Meiomi, and Mark West, along with spirits brands SVEDKA vodka, Casa Noble tequila, and High West whiskey.