Sazerac reportedly makes $15 billion all-cash bid for Brown-Forman, challenging Pernod Ricard

Sazerac has reportedly moved to buy Brown-Forman in an all-cash deal worth about $15 billion, or roughly $32 a share, putting one of Kentucky’s best-known spirits companies at the center of a defensive consolidation wave as alcohol consumption softens and premium brands lose momentum.

The approach, which surfaced on April 15, 2026, would complicate Pernod Ricard’s separate attempt to merge with Brown-Forman. Brown-Forman and Pernod Ricard had not immediately commented, and Sazerac declined to comment, leaving the family-controlled Louisville company in the middle of a high-stakes contest for a portfolio built around Jack Daniel’s, Woodford Reserve and a broader global lineup.

Brown-Forman’s latest results showed why the company has become a target. The Louisville-based maker of Jack Daniel’s reported on June 5, 2025, that fourth-quarter net sales fell 7% to $894 million, while full-year net sales dropped 5% to $4.0 billion. Organic net sales were up 1% for the year, but that improvement masked weaker demand in key brands and channels. U.S. sales fell 7% in fiscal 2025, and Brown-Forman said softer results reflected a challenging consumer environment, lower volumes of Jack Daniel’s Tennessee Whiskey and other super-premium Jack Daniel’s expressions, and declines in Korbel California Champagnes.

The company’s own breakdown shows the strain and the balance inside the portfolio. Growth from Woodford Reserve and Jack Daniel’s Tennessee Whiskey was offset by declines in other premium Jack Daniel’s labels, including Jack Daniel’s Single Barrel and special releases. Brown-Forman said the United States accounted for 44% of fiscal 2025 net sales, while 56% came from international markets, underscoring how dependent the business has become on global demand even as the domestic spirits market weakens.

Brown-Forman has about 5,000 employees and sells brands in more than 170 countries. Its portfolio stretches well beyond Jack Daniel’s to include Old Forester, Herradura, el Jimador, Glendronach, Glenglassaugh, Benriach, Diplomatico Rum, Gin Mare, Fords Gin, Chambord, Slane and New Mix. The company says it has been building spirits brands for more than 155 years, but the current pressure on drinking habits, premium-brand sales and tariff uncertainty is pushing even iconic makers toward scale, not just growth.