Constellation to sell about 30 brands in a $ 1.7 billion deal

The agreement primarily covers Constellation's brands priced at or below $ 11 a bottle such as Clos du Bois, Ravenswood and Mark West and related facilities. The company expects the agreement to close by the end of the first quarter of fiscal policy 2020.

Constellation, which reports quarterly results Thursday, retains a number of brands, including Robert Mondavi, Meiomi and Kim Crawford.

In 2016, the company sold its Canadian wine business to the Ontario Teachers Pension Plan for about $ 1.03 billion ($ 772 million). ($ 1 = 1.3342 Canadian dollars)