National

Pro Rata

Axios Pro Rata

Platinum Equity completed its acquisition of Italian wine distributor Farnese Group from NB Renaissance Partners.

Why it matters: Because the deal actually closed, despite everything that's happened in the U.S. and Italy since it was agreed to in December. And the pricing terms never changed.

Financial terms weren't disclosed, but earlier reports were that the deal is worth around €170 million.

The bottom line: U.S. wine sales were up 66% for the week ending March 21, compared to the same period last year, per Nielsen data. Overall U.S. alcoholic beverage sales have climbed 55%.

Go deeper: Virus vices take a toll on Americans

Italian wine deal gets done in the midst of coronavirus outbreak

U.S. wine sales were up 66% for the week ending March 21.

Wine from The Farnese Group on display in 2016

Wine from The Farnese Group on display in 2016. Photo: John Parra/Getty Images for SOBEWFF

Business

Mergers and acquisitions

Platinum Equity completed its acquisition of Italian wine distributor Farnese Group from NB Renaissance Partners.Why it matters: Because the deal actually closed, despite everything that&#x27;s happened in the U.S. and Italy since it was agreed to in December. And the pricing terms never changed.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.