Gallo buys Four Roses bourbon from Japan's Kirin
April 2 (Reuters) - U.S. wine producer and distributor E&J Gallo has bought Japanese brewer Kirin Holdings’ 2503.T Kentucky bourbon brand Four Roses, it said on Thursday.
The deal comes as the wider consumer goods sector sees large-scale mergers and acquisitions amid weak demand in some categories. France's Pernod Ricard PERP.PA and Jack Daniel's owner Brown-Forman BFb.N are in talks over a possible merger, the companies said last week.
Four Roses’ existing team will remain in place following the acquisition, including master distiller Brent Elliott.
Financial terms of the deal were not disclosed.
In February, Kirin said it expected the sale to be worth about $775 million.
The Japanese brewer, which bought Four Roses in 2002, also owns a pharmaceuticals subsidiary called Kyowa Kirin 4151.T.
Kirin was looking to sell Four Roses to pivot from the struggling spirits sector in Japan to its healthcare business, the Financial Times reported last year.
Kirin's market capitalization is JPY 2.135 trillion ($13.37 billion), according to data compiled by LSEG.
UBS Investment Bank acted as exclusive financial adviser to Kirin on the transaction, while E&J Gallo was advised by Jefferies.
Privately held Gallo is based in Modesto, California.
($1 = 159.6800 yen)
