Brown-Forman Agrees To Sell Southern Comfort And Tuaca To Sazerac For $543.5 Million

By Markets MarketWatch Pulse

Brown-Forman Corp. said Thursday it has agreed to sell its Southern Comfort and Tuaca brands to Sazerac for $543.5 million. Chief Executive Paul Varga said the deal "reflects the company's evolving portfolio strategy and a continuation of its efforts to focus resources on its highest strategic priorities." Brown-Forman is expecting to book a one-time gain on the deal of about $475 million in fiscal 2016. The deal is expected to close by March 1. Shares were not yet active in premarket trade, but are up 3% in the last 12 months, while the S&P 500 has lost 7.5%.

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