Pernod Ricard and Jack Daniel's Owner Brown-Forman Confirm Merger Discussions

Pernod Ricard and Brown-Forman confirmed on March 26, 2026, that they are in early-stage discussions about a potential merger that both companies described as a "merger of equals." The Paris-listed French spirits group and the Louisville, Kentucky-based owner of Jack Daniel's whiskey issued separate but similar statements acknowledging the talks, which were first reported by Bloomberg News. Pernod Ricard said the contemplated combination would create "a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint, all anchored by two iconic families." The company cautioned that no agreement has been reached and said it does not intend to communicate further until talks either conclude in a deal or are terminated. Brown-Forman echoed similar language in its own statement.

Stock declines at both firms reflect a bruised industry The merger talks come against a backdrop of sustained pressure on both companies' share prices and a broader downturn across the global spirits industry. 21 (%) — Pernod Ricard share price decline over the past year Pernod Ricard shares have fallen 21 percent over the past 12 months, giving the company a market value of €15.24 billion, while Brown-Forman shares have declined 25 percent over the same period, leaving it valued at $11.88 billion. The industry is battling subdued demand in China and the United States, where cash-strapped households have traded down from premium liquors. Geopolitical tensions, lower overall alcohol consumption, and weakened consumer confidence have compounded the pressure. Pernod Ricard's Martell cognac brand has been particularly hard hit by a sharp decline in Chinese demand for brandy. The company told employees last June that it would reorganize its business to cut costs and eventually reduce headcount amid the depressed global market.

Pernod Ricard: 21, Brown-Forman: 25

Jack Daniel's meets Jameson: a portfolio of global icons The potential combination would bring together two of the most recognizable brand portfolios in the global spirits business. Brown-Forman, founded in 1870 by George Garvin Brown, owns Jack Daniel's Tennessee whiskey, Woodford Reserve bourbon, and El Jimador tequila, among other labels. Brown-Forman's voting stock remains controlled by fifth-generation descendants of its founder, giving the Brown family decisive influence over any major transaction. Pernod Ricard's portfolio includes Jameson Irish whiskey, Absolut and Belvedere vodkas, Martell cognac, and a champagne portfolio, alongside a small but growing range of non-alcoholic beverages. Pernod Ricard's official statement highlighted that a combined entity would leverage Brown-Forman's iconic brands alongside Pernod Ricard's global distribution strength and exposure to high-growth markets. The two companies said operational synergies would be significant if a deal were concluded.

Two founding families would anchor the combined group Both companies carry strong founding-family identities that would shape any eventual deal structure. Pernod Ricard was created through a merger in 1975, and its founding family remains involved as both shareholders and managers. Alexandre Ricard, a grandson of Paul Ricard, has served as Chairman and Chief Executive Officer of Pernod Ricard since February 2015. Lawson Whiting serves as President and Chief Executive Officer of Brown-Forman, according to company records confirmed as recently as March 2026. The talks are at an early stage, according to a person with knowledge of the situation cited by the Financial Times, and no positive outcome is guaranteed. If completed, the deal would rank among the largest consolidations in the global premium alcohol sector in recent years.

Pernod Ricard traces its origins to the early 19th century, when the first Pernod pastis drinks were produced. The modern company was formed in 1975 through a merger, and its founding family has remained involved in management and ownership since. Brown-Forman was established in Louisville, Kentucky, in 1870 by George Garvin Brown, and has remained under family control across five generations. The global spirits industry has faced a prolonged slump driven by weakening demand in key markets including the United States and China, where consumer spending on premium alcohol has declined.