Constellation Buying Ballast for $1 Billion

Dear Client:So it's Constellation's turn for a big craft purchase: Despite California's fast-growing craft beer and spirits company Ballast Point having started the IPO process recently, news has just come down that Constellation will acquire them for about $1 billion. The transaction will be financed with cash and debt, and is expected to close by the end of calendar year 2015, subject to customary closing conditions. "The purchase price values the acquisition multiple of the projected calendar 2016 Ballast Point