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Diageo sells wine operations for $552 million

SYDNEY--Australian vintner Treasury Wine Estates Ltd. (TWE.AU) said it will buy Diageo Plc's DEO, +0.03% U.S. and U.K. wine operations for a cash payment of US$552 million.

Treasury Wine Chief Executive Michael Clarke said the acquisition will transform the firm's U.S. business into a "larger player of scale" in the luxury and masstige segments of the high growth U.S. market.

"The additional...