Brown-forman agrees to sell sonoma-cutrer vineyards; secures equity ownership in the duckhorn portfolio, inc.

Louisville, ky.--(business wire)--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 quarte.
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