The New Zealand Wine Company's (NZWC) merger with Foley Family Wines NZ will complete next month as regulatory approval for the deal has been received.
//i2.aroq.com/1/_MG_8806.jpgNew Zealand's Overseas Investment Office has given the green light for Foley Family Wines NZ to take an 80% stake in the firm, NZWC said today (15 August). It comes afer NZWC shareholders also agreed to the merger at a special shareholders meeting in Blenheim yesterday.
NZWC chairman Alton Jamieson said: "For some time now we have been working with Foley Family Wines on the merger of our wine interests and we will now focus on the remaining administrative conditions to enable the merger to be completed on 1 September 2012."
He added: "We are all looking forward to getting on with integrating the two companies and working to achieve our objectives for the enlarged NZWC wine business."
The deal, first announced in June, will see California-based Foley add the Grove Mill, Sanctuary and Frog Haven brands to its portfolio. It also gives the company access to about 200 more hectares of vineyards in Marlborough.
Financial details behind the transaction have not been released.
Sectors: Mergers & acquisitions, Wine
