By Andrea Figueras


Pernod Ricard said it signed an agreement to sell its wine business to Australian Wine Holdco Limited for an undisclosed amount.

The disposal will allow the French distiller--which houses Absolut Vodka and Martell Cognac--to focus on its premium international spirits and champagne brands that drive its business growth, it said Wednesday.

Australian Wine Holdco Limited is a consortium of international institutional investors and owner of Accolade Wines. It has a route to market solely dedicated to the wine industry.

The sale comprises a wide portfolio of brands owned and produced by Pernod Ricard Winemakers in Australia, New Zealand and Spain. The wine business is an integrated platform from vineyard to bottle and includes seven wineries.

Closing of the transaction remains subject to customary conditions and regulatory clearances, and is expected to take place during the second half next year.


Write to Andrea Figueras at andrea.figueras@wsj.com


(END) Dow Jones Newswires

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