The Duckhorn Portfolio, Inc., announced in November that it will acquire Sonoma-Cutrer Vineyards from Brown-Forman Corporation for approximately $400 million to be paid in a combination of company stock and cash. Sonoma-Cutrer Vineyards was founded in 1973 and released its first wine in 1981. It has grown to be one of California’s best-known luxury Chardonnay brands, with retail price points ranging from $20 to $50 per bottle. Sonoma-Cutrer owns six estate vineyards spanning 1,121 acres in both the Russian River Valley and Sonoma Coast California appellations. Brown-Forman acquired Sonoma-Cutrer in 1999. Under the terms of the agreement, Brown-Forman will receive 31.5 million shares of the company’s common stock, which represents an ownership percentage of approximately 21.5% of the company post-closing. Brown-Forman will also receive cash consideration of approximately $50 million, subject to certain adjustments, and is entitled to nominate two directors to The Duckhorn Portfolio’s Board of Directors. The transaction will be completed in the third quarter of the company’s fiscal year 2024, subject to regulatory approvals and customary closing conditions.