The Duckhorn Portfolio, a leading North American luxury wine company, announced that it has entered into a definitive agreement to be acquired by Butterfly Equity, a Los Angeles-based private equity firm specializing in the food and beverage sector, in an all-cash transaction valuing Duckhorn at approximately $1.95 billion.
Under the terms of the agreement, Duckhorn stockholders will receive $11.10 per share in cash, representing a premium of around 65.3% over the volume-weighted average share price of Duckhorn's common stock over the 90-day trading period ending on October 4, 2024.
Following the completion of the transaction, Duckhorn will become a privately held company but will continue to be headquartered in St. Helena, California, operating eleven winery brands under The Duckhorn Portfolio name. The company's common stock will cease to trade and will no longer be listed on the New York Stock Exchange.
The transaction, which was unanimously approved by Duckhorn's Board of Directors, is expected to close this winter, subject to customary closing conditions, including approval by Duckhorn stockholders and the receipt of required regulatory approvals.
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