Australia-based beverage company Casella Family Brands will acquire Peter Lehmann Wines from the Hess Group for $49.5m.
The Yellow Tail wine producer has offered $1.31 per share for Peter Lehmann's winery and brand.
Upon completion of the transaction, Casella Family will own 85.7% stake in the wine maker which Hess bought in 2003 for $103m.
Margaret Lehmann, who owns 10.8% stake in Peter Lehmann Wines, also plans to divest her stake to Casella.
This will give Casella over 90% stake in Peter Lehmann Wines.
Peter Lehmann Wines chairman Christoph Ehrbar said: "The Board ... is confident that John Casella and his team will be fine custodians of Peter Lehmann's legacy.
"Casella Family Brands is an Australian, family-owned wine success story with the vision and expertise to continue the development of this iconic South Australian wine business."
Casella Family Wines managing director John Casella was quoted by Wine Spectator as saying: "We have a clearly defined strategy to extend our Casella brand portfolio to include an incredible range of premium wines that highlight the enormous diversity of the Barossa and its sub-regions."
The Hess Group plans to invest the sale proceeds in The Hess Collection and Artezin Wines in California.
As reported by Wine Spectator, Casella had spun off two other brands Casella1919 and Bondi Rd.
Image: Casella's Yellow Tail wine. Photo: courtesy of Byung do jung.
