Constellation Brands has concluded the sale of Paul Masson Grande Amber Brandy brand to Sazerac for approximately $265m.

Under the deal, Sazerac acquired Paul Masson Grande Amber Brandy brand, as well as related inventory and interests in certain contracts.

Speaking of the development, Constellation Brands president and CEO Bill Newlands said: “The closure of this sale concludes a series of transactions within our wine and spirits business designed to help accelerate revenue growth and operating margin performance by advancing our vision of building a winning portfolio of distinctive, higher-end brands.

“With these transactions now behind us, our team can more fully concentrate our resources and focus behind a smaller set of more premium brands that better align with consumer premiumization trends.”

The deal, first announced in June, concluded and received the US Federal Trade Commission (FTC) approval last month.

In addition, Constellation signed another agreement with E & J Gallo Winery for divesting its Nobilo Wine brand and certain related assets and liabilities for $130m.

Earlier this month, E&J Gallo Winery (Gallo) also finalised the acquisition of more than 30 wine brands from Constellation Brands in a deal worth around $810m.

As per the agreement, Gallo paid nearly $560m in cash at closing. The deal consideration also includes the provision of up to $250m in earnout payments based on the fulfilment of brand performance targets over two years after closing.