In what seems to be a recent trend in the winemaking industry, yet another piece of California vineyard real estate has been snatched up by a large company.
French luxury company LVMH’s Moet Hennessy division shared on Wednesday that it recently closed a deal to acquire Joseph Phelps Vineyards in Napa Valley, according to CNBC. While the financial terms of this acquisition were not disclosed, the company states that this particular vineyard was chosen for its commitment to high-quality wines and shared values with LVMH.
