Global law firm White & Case LLP has advised Altria Group, Inc. and its subsidiary UST LLC, on its definitive agreement to sell its Ste. Michelle Wine Estates business to Sycamore Partners Management, L.P., a private equity firm specializing in consumer, retail, and distribution investments, for a purchase price of approximately US$1.2 billion.
The transaction is expected to close during the second half of 2021, subject to Sycamore Partners obtaining the necessary financing and the satisfaction of customary closing conditions, including antitrust regulatory clearance.
The White & Case team was led by M&A partners Chang-Do Gong and Kristen Rohr and included associates Jane Kim, Tim Schultz and Harkesh Patel in New York. The team also included partner Henrik Patel and counsel Kenneth Barr in New York and associate Tyrone Crawford in Washington, DC (Employee Compensation & Benefits); partner Daren Orzechowski and associate Cale Tolbert in Silicon Valley (IP); partner Rebecca Farrington and associate Christine Chang in Washington, DC, and associate Michael Kucharski in New York (Antitrust); partner Steven Lutt in New York and associates Elena Baca and Rachel Silverman in Chicago (Real Estate); partner Seth Kerschner and associate Laura Mulry in New York (Environmental); associate Shana White in New York (Debt Finance); and counsel Paul Pittman in Washington, DC (Privacy).
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