Italian wine deal gets done in the midst of coronavirus outbreak
Wine from The Farnese Group on display in 2016. Photo: John Parra/Getty Images for SOBEWFF
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