Constellation seeks $1B valuation for Canadian wine unit

(CBrands.com)

Reuters — Constellation Brands is seeking a valuation of about $1 billion for a possible initial public offering of its Canadian wine business this year, Bloomberg reported on Friday.

The unit, which includes eight wineries and 160 retail locations across Ontario, is expected to list in Toronto as early as the fall, Bloomberg reported, citing people familiar with the matter.

Constellation produces the Jackson-Triggs and Inniskillin wine brands in Canada.

The company, which owns major brands such as Corona beer and Robert Mondavi wines, is working with Goldman Sachs Group, TD Bank and Bank of Nova Scotia on the offering, Bloomberg reported.

Constellation Brands and the banks could not be immediately reached for comments.

Reporting for Reuters by Nikhil Subba in Bangalore.

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