STZ & Gallo Revise Deal to Address FTC Concerns, Still Awaiting Approval

Dear Client: Constellation Brands and E&J Gallo announced today they have revised the agreement proposed in April, in which Gallo was to buy 30+ of Constellation's wine and spirits brands as well as six winemaking facilities for $1.7 billion.The Federal Trade Commission threw a wrench in things, requesting further information in May, thus delaying the transaction's closing as the brands on the chopping block weigh down Constellation's wine and spirits business. The revised agreement addresses the FTC's competitive concerns primarily related