Leading independent law firm Johnson Winter Slattery is advising the sellers of Californian-based DAOU Vineyards (DAOU) on its acquisition by Australian wine producer Treasury Wine Estates Ltd (ASX: TWE) in a deal worth up to US$1 billion (A$1.6 billion). The upfront consideration for the acquisition is US$900 million with an earn-out of up to US$100 million potentially payable.
DAOU is the fastest-growing luxury wine brand in the US and is to be a cornerstone of TWE’s and Treasury Americas' ongoing strategy to build a premium and luxury wine business in the United States.
The deal is expected to complete by the end of 2023 (subject to US anti-trust approval).
Partner Jonathan Cheyne and Special Counsel Jan Hards led the JWS team that includes partners Justin Harris and Paul Vinci. The team has advised on the Australian law aspects of the transaction, including on the A$157 million placement of TWE shares to the sellers of DAOU on the closing of the transaction and associated escrow arrangements.
Jonathan Cheyne commented, “We are delighted to be assisting the founders of DAOU Vineyards, Georges Daou and Daniel Daou, on the sale of their leading Californian wine business to Treasury Wine Estates. Our involvement is testament to Johnson Winter Slattery’s cross border M&A and equity capital markets capabilities and deep relationships with US clients and advisers.”
About Johnson Winter & Slattery
JWS is a leading independent Australian law firm engaged by major corporates and investment funds on their most challenging transactions and disputes.
The JWS Corporate team is recognised in the Mergermarket M&A Awards Australia 2023. We specialise in mergers and acquisitions and equity capital markets, and have advised on some of Australia’s largest transactions.
Media contacts
Angela Welsh, Marketing & Communications Manager
T: +61 2 9392 7454 | M: +61 414 281 902
E: angela.welsh@jws.com.au
Maureen Grose, Marketing & Business Development Director
T: +61 2 8247 9697 | M: +61 447 004 445
E: maureen.grose@jws.com.au
