Jack Daniel’s Owner Brown-Forman Confirms Merger Negotiations with Pernod Ricard

(Photo: AP Photo/Toby Talbot, File)

On Thursday, French spirits giant Pernod Ricard confirmed “initial discussions” of a merger with Brown-Forman, the Kentucky-based whiskey maker behind Jack Daniel’s and Woodford Reserve. The deal would combine two of the world’s largest alcohol conglomerates, signaling a shift toward consolidation as the industry faces unprecedented headwinds.

Following speculation in the press, Pernod Ricard and Brown-Forman confirmed a “potential business combination” in separate news releases.  The companies — valued at around $17.5 billion and $11 billion, respectively — emphasized the significance of their combined scale, brand portfolios and geographic footprint. Mentions of an acquisition were notably absent from both statements; instead, the companies said that the “partnership would be akin to a merger of equals.”

Neither Brown-Forman nor Pernod Ricard has disclosed a timeframe or financial specifics for the blockbuster coupling.

“No agreement has been reached as to the terms of any possible transaction, and there can be no assurance that any such agreement will be reached. Brown-Forman does not intend to comment further unless and until an agreement is reached,” the company said.

In addition to American whiskey brands Jack Daniel’s, Woodford Reserve and Old Forester, the Brown-Forman Corporation is responsible for Herradura Tequila, el Jimador, Diplomático Rum, Fords Gin and The Glendronach scotch. The company employs approximately 5,000 people worldwide and sells products in over 170 countries.

Pernod Ricard commands an equally varied portfolio. Headquartered in Paris, France, the company has investments in virtually every spirits category, including heavy hitters like Jameson, Absolut Vodka, Del Maguey mezcal, Malibu and The Glenlivet.

Though juggernauts on their respective sides of the pond, both conglomerates have struggled with declining liquor consumption and trade tensions over the past two years.

At the beginning of 2025, Brown-Forman announced layoffs equal to roughly 12% of its global workforce. The move coincided with the restructuring of its executive leadership team and the closure of the Louisville-based Brown-Forman Cooperage. Months earlier, Pernod Ricard sold the majority of its international wine portfolio to an Australian buyer as it pivoted toward a “premiumization strategy.”