Pernod Ricard has lined up the sale of Framingham in New Zealand.

The drinks giant said today (28 September) that it will divest the Framingham wine brand, winery and Marlborough vineyards to Portuguese family-owned wine company Sogrape. Financial details of the transaction, which remains subject to New Zealand Overseas Investment Office approval, were not disclosed.

Under the proposed arrangements with Sogrape, Pernod will retain the distribution rights for Framingham in Australia and New Zealand.

Pernod acquired Framingham in 2004, through its wine subsidiary Orlando Wyndham. A year later, when Pernod completed its purchase of Allied Domecq, the French company took control of Allied's Montana wine brand from New Zealand.

Sogrape owns a stable of brands including wine label Finca Flichman and Mateus rosé.