Constellation buying rest of Crown for $1.85B

[June 29, 2012]  VICTOR, N.Y. (AP) -- Constellation Brands is buying the remaining 50 percent stake of Crown Imports that it doesn't own from Anheuser-Buschfor $1.85 billion, giving it more U.S. control over Corona and other breweries.

The acquisition will make Constellation the third-biggest total beverage alcohol company in the U.S., the company said Friday.

Constellation is buying the stake from Anheuser-Busch InBev SA/NV, which on Friday announced that it was buying Constellation's joint venture partner on Crown, Grupo Modelo, for $20.1 billion.

Other beers owned by Crown Imports LLC include Modelo Especial, Pacifico and Negra Modelo. Constellation's brands include Simi and Robert Mondavi.

Constellation Brands Inc. will suspend a $1 billion share buyback program which is about $700 million shy of topping out.

The deal is expected to close during the first quarter of 2013.

[Associated Press]

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