Pernod Ricard Brown-Forman Merger Talks Confirmed

Pernod Ricard Brown-Forman merger talks surfaced on March 26, 2026, after Brown-Forman said it was in discussions with Pernod Ricard. The company described the potential combination as akin to a "merger of equals" and said no terms had been agreed.

Brown-Forman Confirms Merger Discussions

Brown-Forman (NYSE: BF-A, BF-B) said in a statement at 6:30 p.m. ET on March 26, 2026, that it is engaged in discussions with Pernod Ricard (PDRDF, PRNDY) about a potential business combination. The company described the contemplated deal as akin to a merger of equals, drawing on the talent and expertise of both firms. The combination is expected to generate significant synergies and create a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint anchored by two iconic families.

The statement noted no agreement on terms has been reached, there is no assurance a transaction will occur, and any deal would require customary approvals. Brown-Forman said it regularly explores and evaluates strategic opportunities.

Deal Structure, Timing, and Market Reaction

Reports on March 26 indicated Pernod Ricard was considering an approach to acquire Brown-Forman. Initial coverage at 12:41 p.m. ET and 1:01 p.m. ET said Pernod Ricard was weighing a potential deal. Brown-Forman shares surged at 3:42 p.m. ET following the reports.

Later coverage at 7:04 p.m. ET said the talks would be structured mostly as a stock deal and that any transaction could be weeks away. Pernod Ricard had not commented publicly during this period.