Pernod Ricard New Zealand, the local arm of the French liquor company, has sold a dozen wine brands and some wineries to a Lion Nathan New Zealand-led joint venture for $88 million.
Lion Nathan will pick-up a dozen new wine brands including Lindauer, Corbans, and Saints, while its partner Indevin, an independent winemaker, will take ownership of the Gisborne Winery, some vineyards in the Gisborne region, and the Twin River's vineyard in Hawke's Bay.
The sale is subject to Overseas Investment Office approval after Lion Nathan was bought out by Japanese beverage maker Kirin Holdings for A$3.4 billion last year.
"We remain highly committed to New Zealand, our people and the long-term development of our wine and spirits portfolio," said Fabian Partigliani, Pernod Ricard NZ managing director, in a statement.
Pernod Ricard NZ, which produces luxury liquor brands including Absolut Vodka and Chivas Regal whisky, will keep ownership of local brands Brancott Estate, Church Road, Deutz and Stoneleigh, while divesting budget brands including Aquila, Bernadino and Chardon in the Lion deal. The sale aims to streamline the French company's brand portfolio a production, the statement said.
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