Alert, Diageo Confirms Sale of Wine Brands to TWE

Earlier today we mentioned that Diageo might be announcing the sale of its wine brands tomorrow (which it technically is for them, because Australia) and it just came across the wire that Diageo has sold the US based Chateau and Estate Wines along with the UK based Percy Fox to Treasury Wine Estates.The amount disclosed for the brands is $552 million, with plans to use the net proceeds to repay debt."Diageo's strategy is to drive stronger, sustained performance through focus