SGWS Gaining About Half a Billion Dollars Worth of Constellation W&S Biz

Dear Client: In case you missed yesterday's late-afternoon alert, Constellation Brands announced it's expanding its partnership with Southern Glazer's Wine & Spirits, from covering 40% of Constellation's wine and spirits portfolio to 70%, effective April 1 [see WSD 03-01-2021]. About how much of their wine and spirits business is moving? Let's do some crude math:  Last year, Constellation did about $1.8 billion in wine and spirits sales (excluding brands included in divestiture to Gallo); 40% to 70% is a difference