Brown-Forman Corporation (NYSE:BFA,BFB) announced that it has completed the sale of the Finlandia vodka brand to Coca-Cola HBC AG on November 1, 2023. In June 2023, Brown-Forman disclosed it had reached an agreement to sell the brand for $220 million subject to adjustments related to inventory and other working capital items.

The sale of Finlandia vodka is another step in Brown-Forman’s long-term strategic ambition to premiumize its portfolio through brand innovation, acquisition, and divestiture.