Southern Comfort Brown-Forman, $544M Deal

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Jack Daniel's owner to sell Southern Comfort, Tuaca brands - Brown-Forman Corp, the maker of Jack Daniel's whiskey, said it will sell its liqueur brands Southern Comfort and Tuaca to alcohol maker Sazerac for $543.5 million.

Brown-Forman said the sale would contribute about $475 million to its fiscal 2016 operating income.

Reuters reported in September, citing sources, that the company had hired Goldman Sachs Group Inc to explore a sale of some brands as it wanted to focus on its core whiskey business.

Brown-Forman Chief Executive Paul Varga said on Thursday the decision to sell these brands reflected the company's "evolving portfolio strategy."

The Louisville, Kentucky-based company acquired Southern Comfort in 1979 and Tuaca in 2002.

Brown-Forman shares were unchanged at $91.51 in premarket trading.

Goldman Sachs and Gibson, Dunn & Crutcher LLP advised Brown-Forman, while Wells Fargo Securities is Metairie, Louisiana-based Sazerac's financial adviser.