WASHINGTON (dpa-AFX) - On Tuesday, Constellation Brands, Inc. (STZ), a U.S.-based total beverage alcohol company, announced the acquisition of SpikedAde, a differentiated, consumer-led spirit-based ready-to-drink (RTD) beverage brand competing in the emerging sports drink-inspired 'Ade' segment.
Constellation's brand-building and distribution capabilities are expected to help SpikedAde expand across the U.S. The deal includes a $75 million payment at closing for 100% ownership, plus up to $278 million in additional payments over five years based on the business's future performance.
The acquisition strengthens Constellation's position in the fast-growing ready-to-drink (RTD) market and expands its portfolio into an emerging consumer category. SpikedAde is positioned to benefit from growing demand for flavorful, easy-to-drink RTD beverages, while the spirit-based RTD category saw dollar sales increase 25% over the past year.
On the NYSE in after-hours trading, the shares were trading 4.21 percent down at $110.80 after closing Tuesday's trading 2.08 percent up.
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