Treasury Wine Estates completed the acquisition of the wine division of Diageo for $600m.

Treasury Wine Estates, an Australian provider of wines, completed the acquisition of the wine division of Diageo, an alcoholic beverage group, for $600m. “Diageo’s strategy is to drive stronger, sustained performance through focus on our core portfolio and today’s announcement is another element of that strategy in action. Wine is no longer core to Diageo and this sale gives us greater focus," Ivan Menezes, Diageo CEO.