Articles from Brown-Forman

Brown-Forman Corporation (NYSE: BFA, BFB) today announced that the company and Pernod Ricard have terminated discussions regarding a potential business combination, as the companies were unable to reach mutually agreeable terms. Brown-Forman and Pernod Ricard previously confirmed discussions on March 26 and noted there could be no assurance that any such agreement would be reached. Brown-Forman issued the following statement:

Brown-Forman (NYSE: BFA, BFB) announced today that it completed the sale of Sonoma-Cutrer Vineyards and related brand trademarks to The Duckhorn Portfolio, Inc. (NYSE: NAPA), a premier wine group, on April 30, 2024. In November 2023, Brown-Forman disclosed it had reached an agreement to sell the brand in exchange for an ownership percentage of approximately 21.5% in The Duckhorn Portfolio and $50 million USD.

Brown-Forman (NYSE: BFA, BFB) announced today that The Duckhorn Portfolio, Inc. (“The Duckhorn Portfolio,” NYSE: NAPA), a premier wine group, will acquire Sonoma-Cutrer Vineyards and related brand trademarks. In exchange, Brown-Forman will receive an ownership percentage of approximately 21.5% in The Duckhorn Portfolio and $50 million USD. The transaction, subject to certain customary closing adjustments and conditions, is expected to close in the fourth quarter of fiscal year 2024.