Australian wine brands have struck a global deal with two of the world's largest drink producers.
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00:00At this stage we know that Pernod Ricard has agreed to sell its international wine brands
00:05to Australian Wine Hold Co Ltd and this consortium is the owner of Accolade Wines which has brands
00:11here in South Australia like Hardy's Wine in McLaren Vale and Bamrock Station in the
00:16Riverland and Pernod Ricard will be selling its Australian brands like Jacobs Creek, Orlando
00:21and St Hugo.
00:22It will also be selling their New Zealand and Spanish brands which include wines like
00:26Stonely and Campo Viejo.
00:28Now Pernod Ricard says that it will be making this sale so that it can focus on its champagne
00:32and spirit portfolios.
00:34Now they have some pretty significant spirit brands like Absolute Vodka, Beef Eater Gin
00:39and also Jamison Whiskey among plenty of others and it says that this consortium AWL is a
00:45global player with a dedication to the wine market and they say that these wine brands
00:49will benefit from that specific focus.
00:52We know that this comes at a time where we've seen significant issues like the global red
00:56wine glut and in Australia that's come from things like the now lifted Chinese wine tariffs
01:02and also just a change in consumer habits as well in terms of how people are drinking
01:06wine.
01:07This deal will still be subject to regulatory clearances but Pernod Ricard says that he'll
01:11expect to close the deal next year.