Australian Wine Holdco Ltd buys Pernod Ricard wines

At this stage we know that Puno Ricard has agreed to sell its international wine brands to Australian Wine Hold Co Limited and this consortium is the owner of Accolade Wines, which has brands here in South Australia like Hardee's Wine in McLaren Vale and Bamrock Station in the Riverland. And Puno Ricard's will be selling its Australian brands like Jacobs Creek Orlando and St. Hugo. It'll also be selling their New Zealand and Spanish brands which include wines like Stoneleigh and at Campo Viejo. And Puno Ricard says that it'll be making in this sale so that it can focus on its champagne and spirit portfolio is now they have some pretty significant spirit brands like Absolute vodka, Beef Eater Gin and also Jamison Whiskey among the plenty of others. And it says that this consortium, AWL, is a global player with a dedication to the wine market. And they say that these wine brands will benefit from that specific focus. We know that this comes at a time where we've seen a significant issues like the global red wine blot. And in Australia that's come from things like the now lifted Chinese wine tariffs and also just a change in consumer habits as well in terms of how people are drinking wine. This still will still be subject to regulatory clearances, but Pono Rakar says that it will expect to close the deal next year.