Accolade and Pernod Ricard ‘in talks’ to sell Australian wine division

Pernod Ricard is in discussions with Accolade for the sale of its wine division in Australia, according to the Australian Financial Review. The deal would be worth 500 million Australian dollars (£265 million).

Accolade, acquired in 2018 by Carlyle for AUD 1 billion, saw its expansion plans compromised by significant debts and disruptions caused by the pandemic and Chinese tariffs. It was previously speculated that Pernod Ricard was considering divesting its wine operations in Australia due to their low returns.

In its latest quarterly results, Pernod Ricard reported a 9 to 10% decline in wine sales compared to the previous year, mainly in the United States and the United Kingdom. Wine sales, originating from Australia, New Zealand, Spain, and South America, account for only 4% of the company’s overall revenue.

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