Treasury Wine Estates, an Australia-based producer, will buy California-based DAOU Vineyards. Photo: David Gray/REUTERSSYDNEY—A Californian vineyard set up by two Lebanese migrants who got their first break making wines in a garage in rural San Diego has been acquired by Australia’s Treasury Wine Estates, one of the world’s largest vintners. DAOU Vineyards, owned by Georges and Daniel Daou, has agreed to be bought by Treasury Wine Estates for up to $1 billion in a move the Australian company said provides it with scale to potentially launch a luxury wine division covering the Americas. Treasury is among major producers seeking to generate more revenue from premium wines, which can sell for hundreds of dollars per bottle, as data suggest consumers are buying less bulk wine.

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Persons: David Gray, Georges, Daniel Daou Organizations: Wine Estates, REUTERS SYDNEY, Australia’s Treasury Wine Estates, Treasury Wine Estates, Treasury Locations: Australia, California, San Diego, DAOU, Americas