Treasury Wine Estates, the owner of Penfolds, is investing $1.6 billion to purchase high-end Californian winemaker Daou Vineyards, in a deal that includes a possible additional payment of $100 million. The acquisition is part of Treasury Wine Estates' strategy to tap into the global growth potential of the luxury wine market.
Penfolds owner Treasury Wine Estates is upping its bets on the global growth potential of the luxury wine market , agreeing to fork out up to $1.6 billion to buy high-end California n winemaker Daou Vineyards .
Treasury Wine Estates chief executive Tim Ford said the group continued to see long-term growth opportunities in the luxury wine segment.The deal will be funded through a combination of an $825 million equity raising, a $157 million placement of shares to the owners of Daou, and taking on $311 million of debt, the Melbourne-based company said in a statement to the Australian sharemarket on Tuesday morning.
Penfolds Treasury Wine Estates Daou Vineyards Luxury Wine Market Acquisition California Investment
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Penfolds Owner Treasury Wine Estates Acquires Daou Vineyards for $1.57 BillionTreasury Wine Estates, the owner of Penfolds, is purchasing Californian luxury wine group Daou Vineyards for $1.57 billion. The acquisition is part of Treasury Wine's expansion in the United States luxury wine market and is being funded by a capital raising of $825 million. Daou Vineyards, established in 2007, produces wines ranging from $20 to $500 per bottle.
Read more »
Penfolds Owner Treasury Wine Estates to Acquire Daou Vineyards for $1.6 BillionTreasury Wine Estates, the owner of Penfolds, is investing $1.6 billion to purchase high-end Californian winemaker Daou Vineyards, in a deal that includes a possible additional payment of $100 million. The acquisition is part of Treasury Wine Estates' strategy to tap into the global growth potential of the luxury wine market.
Read more »
Penfolds maker buys Californian luxury winemaker for $1.6 billionTreasury Wines is upping its bet on the high-end market for wine with a deal to buy the fastest-growing luxury wine brand in the US.
Read more »
Queensland offers wine and spirit bottle refunds in Aussie firstIn an Australian first, Queenslanders will be paid 10¢ for empty wine and pure spirit glass containers at the state’s recycling collection points.
Read more »
US Treasury Reduces Borrowing Estimate for Current QuarterThe US Treasury has lowered its estimate for federal borrowing for the current quarter due to stronger-than-expected revenues, providing some relief for investors concerned about the widening fiscal deficit.
Read more »
ASX 200 LIVE: ASX to rise; AustralianSuper rejects Origin bidASX to advance as tech stocks bolster Wall Street; Treasury Wine to buy California winemaker; Endeavour AGM pending; China October data pending; Bank of Japan policy decision ahead. Follow updates here.
Read more »