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LVMH's Moët Hennessy to buy French winery Château du Galoupet

LVMH Moët Hennessy Louis Vuitton SE on May 20 said its wine and spirits arm Moët Hennessy will buy French winery Château du Galoupet.

Financial terms of the transaction were not disclosed.

Moët Hennessy said it plans to enhance Château du Galoupet's 89 unplanted hectares and add the winery's Cru Classé de Provence to its portfolio, which will become its first rosé wine.

The French luxury goods company expects to close the deal in the second half of 2019.

In 2017, LVMH also bought a 60% stake in Colgin Cellars vineyard in Napa Valley, Calif.