Billionaire Foley takes control of NZ Wine Co

Foley Family Wines, owned by the California-based billionaire Bill Foley, will take control of New Zealand Wine Company, adding the Grove Mill, Sanctuary and Frog Haven brands to its suite of local wines.

NZ Wine Co shareholders approved the merger at a special general meeting in Blenheim today, with about 99 percent of votes cast in favour, the company said in a statement.

The merger, which will see Foley take an 80 percent stake in the Marlborough-based company, has not yet been approved by the Overseas Investment Office.

Foley already owns the luxurious Wairarapa Wharekauhau estate and is chairman of two Fortune 500 companies, insurance firm Fidelity National and banking and payments technology company, Fidelity National Information Services.

He also owns the Vavasour, Goldwater, Clifford Bay and Dashwood wine brands.

NZ Wines shares are listed on the NZX alternative market and last traded at 92 cents.

BusinessDesk.co.nz

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