Per media reports, Diageo announced its decision to sell majority of its U.S. and British wine operations for $552 million to the Australian company, Treasury Wine Estates. The deal is expected to close at the end of 2015. The deal will include the sale of U.S.-based Chateau and Estate Wines, and the Percy Fox businesses based in the U.K. The proceeds from the sale, after tax and transaction costs, will be used to repay borrowings.

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